Hey OP,
First important question: is there a new cam in this rebuild? If so, you don't want to be cranking and cranking to test the spark; it will be bad for the new cam. Old cam: OK to crank some.
If you can't crank due to a new cam, then turn the crank over by grabbing the pulley and turn while watching the distributor button and the ignition trigger is almost to the sensor. AT this postio you can turn the distribuor button by about 15 degrees or maybe more and move the trigger wheel repeatedly past the sensor points.
Either way, get the trigger to move, and have the wire form the coil tower about 1/4" away from metal on the block and see if you have good spark that way. This takes the cap, button and other park plug wires out of the picture and tests the coil and ignitor.
If no good this way, then with a voltmeter to see if you have close the battery voltages at the coil + with the ignition in RUN, but the engine not running.
As above, make sure the ballast is out.