You haven't established whether or not there is a circuit from the coil (-) terminal to ground. The points do this. Take the wire off the - coil terminal and use the ohmmeter function of the meter to check the resistance of the points. Take the distributor cap off during this check so you can see whether they are open or closed. With the points OPEN there should be a very high resistance from the wire you just removed from the coil and ground, several thousand ohms. Tap the starter until you see the points close, and check resistance again. Now it should be VERY low, less than one ohm. The most likely cause of a "no spark" condition is dirty points. If the "points closed" resistance is over 1 ohm, take the point assembly out, and buff the contacts with extra-fine sandpaper, then clean them thoroughly with alcohol, lacquer thinner, or spray carburetor cleaner. For a rough guess point gap setting, use a piece of business card or something of similar thickness to set the gap with the rubbing block on one of the high spots of the cam lobe. I'll be surprised if it doesn't have a spark when everything is reconnected. In over 50 years of doing professional mechanic work, I have only seen about 10 failed ignition coils. It's not impossible, but it's VERY rare.
Jerry
