Cranks but won't start. Unplug ground at field spade on Alternator and it starts?

Mattax said
Thanks for the additional info. Now we all know what is on the car.
Sorry but at least I missed this part when I was responding the other night.



That's what I would have first suspected - ign 1 & 2 wires might be switched

Correct for points. Not sure what MSD coil and Unilite will work best with for street use.

With points, the voltage drop from resistance in the line will only occur when the points are closed. And once its saturated the current will reduce. When the points are open there is no current flow through the coil, and with no flow, there is no resistance. So with no flow voltage is the same everywhere.
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The one test where I got 12.3 volts at coil the wire was disconnected from coil during that test.

The one thing I have not done yet is measure voltage to Unilite during cranking. Also note worthy is Unilite gets power from Ign 2 through ballast resistor when cranking. I tried moving Unilite power to Ign 2 side of ballast car starts sound like half cylinders are firing so moved it back to Ign 1 side where its been for 15 years.