I believe that the coil positive is supposed to come closer to battery voltage when key is in run. Instead it goes from near 7 volts with key on and then to near .5 volts in run. Definitely doesn't seam right...
No.
In run, the coil is supplied power through the 0.5 resistor. Its purpose is to reduce the voltage at the coil positive. This keeps the coil from overheating. With the engine running power is available from the alternator (14 Volts). Just like a light bulb being supplied power at a higher voltage, the coil will draw more current and get hotter than it should. The resistor is bypassed at start because the battery is at best going to supply power at 12 volts, more likley 11 volts and sometimes even less.