i think you are on the right track the voltage value you measure when you spin is totally depnedent on how fast you spin
and if, say, half the coil in the pickup has fused togther but the other half is still kinda working you will get a voltage but tiny and too small to trigger your igntion box
there is enoug here to indciate that a new pickup, just for piece of mind, is not money wasted.
and provided your regulator and alternator are all in good condition tha chances of wierd voltage spikes killing it are low
the pickups die from old age vibration humidity and heat normally. its a magnet on a steel holder which has tip near the relcutor star a small coil of hair thin wire that is painted in varnish is hidden in the black bit that sits around the tip. The points of the star moving past the pickup wave the magentic field around as they pass the tip of the magnet and coil holder, you can feel this happening, a moving magnetic field causes a small current in the coil and a volatge between its ends. 1 end of the coil connects to 1 lead on the dizzy the other end of the coil connects to the other... if the varnish on the wire starts to degrade fewer and fewer of the loops of wire in the coil do any good work and you end up with this situation.
or the magnet looses its magnetism and with low magnetism the voltage produced is just too low
vibration and heat kills magnetism, you un magnitise things by heateing them up and repeatedly htting them with a hammer. heat and vibration can have an adverse impact on thin varnished wire.. hence the pickups have a life that is limited to some time period that will have been calculated to be longer than the orginal warranty on the car in question...
But someone here will pipe up saying they haven't change the pickup in their dizzy for 50 years..... all i can say is lucky lucky boy...
dave