66 289, to confirm, I should be getting 6 or 7 volts on the red/green wire going to the coil with the ignition on (pic below with arrow). I am gettng 12.3 volts, ignition turned to the right, car not running.
^^^ Spot on.You can read either 6-7 volts or 12 volts. It depends on whether the points are closed which means you're reading the actual volt drop on the coil or if the points are open in which case you're putting the meter in series with the coil. In a series circuit what has the most resistance, drops the most voltage. The volt meter has a very high resistance, so much so, the resistance of the coil and resistor wire is basically non existent.