I guess I just have a hard time trying to diagnose an electrical problem with my equipment.
I'm running out of ways to say this
You say you know how to read a diagram, but you don't seem to get this, so here comes the (I have formerly been accused of condescending) answer
Power comes OUT of the bulkhead on the "ignition run" wire, dark blue, known by Ma as "IGN 1"
This is battery power with the key in RUN
It goes THROUGH the ballast
It goes TO the plus side of the coil
through the coil
through the distributor "primary" wire
to the points wire stud and nut connection
and if the points are working, on/ off to ground
You almost don't NEED any equipment. You almost can shoot this with nothing but your brain
Turn the key on. Take a screwdriver, pliers, clip lead, chuck of wire, ANYTHING, a quarter even
With the distributor cap off, jam it between the breaker points wire connection and ground.
You should get a spark. If you are holding a coin, you will likely get zapped a bit.
Or take a meter. OR a test lamp. Hook from COIL NEG to ground. See if you have power. Short that wire connection at the points. If it will not ground, the distributor wire is bad. THIS HAPPENS. Vibration can break them typically inside the grommet where they feed through the distributor. In fact, it happened to me, years ago.
If you can "ground" out the points AT THE POINTS wire terminal in the distributor, this means the circuit is GOOD clear to that point
That would mean..............
the points are dirty / corroded and not conducting juice
Or they have been adjusted wrong and won't close.