slant six starting problems

Mike and I spent some time on the phone today while he and his son did various tests. Here is what was measured:

Battery, ign on: 12.2V
Battery, cranking: 10.7 V

Ballast ign feed (dark blue), ign on: 11.5v
Ballast ign feed (dark blue), cranking: 7.2v
Ballast ign feed (dark blue), cranking with alt field and VR disconnected (for possible alt shorts): 8.5V

Coil +, ign on: 6v
Coil +, cranking: 8.8v
Coil + brown feed wire at ballast end of wire, cranking: 9.3V

+ power feed to ECU (dark blue/yel) ign on: 10.5v
+ power feed to ECU (dark blue/yel) cranking: 6.7V
+ power feed to ECU (dark blue/yel) with ECU disconnected ign on: 11.4v
+ power feed to ECU (dark blue/yel) with ECU discoinnected cranking: 7.2V

Relutctor test with Fluke 12 meter on AC mode, 10V scale: .048 VAC !?!?!
The above test with leads reversed to the reluctor: .030 VAC !?!?!
Reluctor gap set to .008" with a bit of shaft play present; Mike can describe best.

The tests up 'til to the reluctor look reasonable but the reluctor looks pretty suspect. If anyone can spot anything odd elsewhere in these readings, please let Mike know.