1971 slant six 225 no spark or weak spark at plugs?

I just finished refurbishing the completely stock 225 in my duster. Took it down to long block, then cleaned & painted everything, replaced all seals & gaskets, and rebuilt oil pump/power steering pump/carb/alternator etc. It ran fine before I did the work, but was getting to the point where everything needed attention, so I decided to do it all. The carb is the 1920, the distributor is points, which are also new.

Got everything hooked back up finally, and today I tried to start it. It cranks all day but no start. No backfire, misfire, or stumble, or any indication its trying to fire. I believe its no spark, or weak spark.

I checked carb, choke is working and the gas squirts when throttle lever is moved. so, its getting gas. Its not flooding either as far as I can see.

The coil, points, plugs, plug wires and cap and rotor are all new. I verified all plug wires are in correct positions on cap, the rotor is in place, and that the coil is hooked up correctly. With my timing light on #1 spark plug wire, it will not flash when the motor cranks. It reads battery voltage but does not pick up voltage through the plug wire. When I put the ignition key in RUN, I initially see 5.5 Volts at the + side of the coil, and it steadily drops to about 4 Volts over a short amount of time. When cranking, I see about 8 Volts at the positive side of the coil. I put an inline spark tester light inline with the plug wire from the coil to the distributor cap, and it flashes while cranking, looks slightly weak though. I put the same tester light inline with the #1 plug wire, and it does light up, but looks weak. I put my timing gun pickup on the plug wire from the coil to the distributor cap, and it flashes while cranking, but when I put it back to the #1 wire, no flash. I checked dwell with my dwell meter, its at 34.

I believe my dwell is too low, but that shouldn't stop the car from at least trying to fire right?
Shouldn't I be getting 12V to coil when cranking?
Is there possibly a problem with my cap and rotor? My timing light shows spark from coil to distributor cap, but nothing coming from cap to plugs.

Any help or suggestions appreciated