New Engine Won't Start

Crackedback, you're right about the voltage at the coil, I got the figures backwards.
This is a stock ignition system, stock distributor with points.
With ignition switch on, I am reading at the coil "+" and "-" almost 12V.
When I crank the engine over, I read at the coil "+" 8V and at the coil "-" 3V going to the distributor.
With the ignition switch at "start", shouldn't I get the same reading at "+" and "-" (in this case 8V), then when the car starts the ballast resistor kicks in and "-" drops to 3V?
Visually the spark coming out of the coil cable and also to a grounded spark plug look weak, kinda yellowish.