Disconnect your balast resistor and ohm's check it! I don't remember the exact specification, somewhere in the neighborhood of 10 ohms +/- I think it might be bad.
As far as voltage with the key on at the coil +, it will depend on what the ignition module is telling the coil to do, if the control unit is telling the coil to fire/spark (points open in the older distributor) the coil circuit will be open and you will indeed have true battery voltage (12.5v.) on the + side, if the control unit is telling the coil to recharge/build up (same as points closed in the old syst.) voltage then you will have like 6 to 7 volts at the + side.