First time start - no go

HERE IS THE DEAL

So far as timing, sounds like you are on the right track, "Crackedback" here has pointed out many times you can check timing "on the starter."

So far as voltage, temporarily jumper 12V directly to the coil

HOW IT WORKS. You have two ignition power contacts off the ignition switch, IGN1 and IGN2. IGN1 is the 'run' voltage and supplies the switch end of the ballst, the VR, the alternator field, and is hot ONLY IN THE RUN position. It goes DEAD during cranking

IGN2 is ONLY hot during cranking, and is what supplies power for starting. This is the resistor "bypass" circuit and hooks in to the ballast on the COIL SIDE so the coils should be getting 'full battery' voltage during cranking

TO TROUBLESHOOT: You can disconnect the yellow off your starter relay so that when you twist the key to "start" you are not flattening your cam.
1....Check "run" voltage at the coil with key in "run." Should be at least 6 or so, but might be less if you have wrong ballast or a "heavy" hot coil This can run anywhere from 6--10V depending on coil/ ballast and battery charge, and condition of wiring. CHECK for excessive voltage drop by checking the "switch" side of the ballast. In other words, coil side of ballast can run 6--10V, "switch" side should be "same as battery."

2...Check coil+ voltage during "start" with key twisted to start. Should be "same as battery."

IF EITHER of these are low from the switch, you need to check the "path" which is.........

battery........starter relay stud.........fuse link.........through the bulkhead (RED) to ammeter..........through ammeter......out on black ammeter wire.........to under dash "welded splice".........to ignition swtich connector..........through the switch......out the switch connector on "IGN1" or IGN2" depending on "run" or "start"..........back out bulkhead...........and connect to ballast, VR, etc.

Your biggest suspects are the bulkhead connector terminals, the switch connector, and the switch.