Engine Cutting Out! What to check?

Shoot it might I have never used one. I don't think it has Multi Spark Discharge though. 2 Step etc. I will research them so I know WTH I am talking about.:banghead:

According to what they advertise here http://www.pertronix.com/prod/ig/ignitor3/default.aspx it has the multi-spark function.

After testing some of the voltage to the coil and ballast, everything looks good at key on and idle. But when I rev the engine, I'm getting some crazy readings hitting 30-40 volts at times and the coil was darn hot. Think I'll try a new voltage regulator. Hopefully I haven't fried something else. Been having issues with my tail lights not working and the dome light staying on since day one but I don't know if that has anything to do with it or not.