I don't like the .49 volts. Too much resistance between the coil - and the ground provided by the points.

Continue testing by ...

Remove the distributor cap.
Make sure the points are closed and the ignition switch is in the run position.
Leave the black lead of your meter on the same ground that you used for the previous measurements.

Touch the red lead to the distributor end of the wire that attaches to coil -. Record voltage reading.

If the distributor has a terminal on the outside that passes the coil - connection into the distributor body record the voltage on the inside end of that terminal.

Record voltage on the wire where the wire connects to the points.

Record voltage on the points spring where the wire connects to the points.

Record voltage on the moveable point.

Record voltage on the fixed point.

Record voltage on the plate that the points mount to.

Record voltage on the outer case of the distributor.

Your problem could be any one or more of these places.

Or, you could just replace the points and hope for the best.

Does anyone still have a points file?

'57 GMC 102, Original 347 V8, HydraMatic, 3.08 rear gear, added A/C, disk front brakes, HEI, AFB carb, '98 Honda Black Currant paint. T-boned and totaled 10/12
'52 GMC 152 Stake Bed, Original 228, SM420, added A/C, HEI, disk front brakes, '67 Chev 3.55 rear gear. Gets used as a real truck.