225 Slant Six Crank but Won't Start (Fuel but No Spark, Dist. Rotor turns)

^^As above^^. How many low voltage wires come out of the distributor, IE one should come out of the housing and go to coil NEG terminal

After you measure voltage to coil+ "cranking" then move your meter over to coil NEG and ground. With key on the voltage will be either "same as battery" or close to nothing. "Bump" the engine and see if it changes. This will show the points are opening / closing and actually conducting.

Remove the cap and look inside