You said that when the engine is running, you have 14.4v at the dist. That's fine. The problem is that under every other condition you say there is 12.1 volts there. Key in run position, 12.1v. Key in start position, but unable to start, 12.1v. Always 12.1v. When the starter is cranking, the voltage should be lower. :confused:
Big T may have hit on the solution. I have a feeling that if you pull the wire off the coil, there will be no voltage there in the "start" position. Only in the "run" position.
If I remember correctly, you have the external coil? The Bat wire is to the right of the High voltage post and the tach wire is to the left as you look at it from the top?