No spark and i can only get 5V at the coil.

the drop at the battery when starting was only down to 10.5V.

^^ good. That's the 'bare minimum', so you might yet get this licked.

Since you removed the distributor, you may have to tweak it a little (wiggle it back and forth slowly while someone cranks it) to get it to fire. It's also not uncommon to get it 180 degrees out, which is why it's a good idea to verify you're at TDC with a spark plug removed vs the balancer marks. It's also possible you were at TDC on the exhaust stroke... so once you start getting a good spark from the coil, if it still won't start with a little twist of the dist, I'd lift the dist and twist the rotor 180 degrees and try it all again...