You need to learn to read a diagram. I'm not being mean or sarcastic, I mean "that's a fact."
The grey wire to the "little bug" in the rear is the oil sender wire.
If you have the key in "run" and you have voltage on both sides of the coil, it means YOUR POINTS ARE OPEN or "open" electriclally, IE dirty and not making contact, internally broken distributor wire, whatever. Points are a simple switch to ground.