asilverblazer,
I think this was mentioned a little earlier. If the points are getting a full 12 volts (actually more like 13.5), the contact surfaces will degrade prematurely and can result in poor performance and hard, or no starting.
A wiring diagram for a 55/2nd rig shows a the more sophisticated START/RUN ignition switch which accompanies the solenoid starter.
This system does use a ballast resistor, which you said you have, and routes the bypass circuit through the key switch so it automatically gets full voltage on START, but when the key is released to RUN, power is routed through the resistor.
I thought you said your truck had a simple ON/OFF ignition switch and a stomp starter. Is this what you have?
It isn't for sure that this wiring issue is the cause of your problems. Each of these things need to be corrected so you can get back to square one. If everything is temporary with dangling, smoking wires, it's hard to tell where to begin.
Once I got the wiring under control, I wouldn't hesitate to stick a brand new coil in the rig. This could be part of the problem.
Stuart