Well, tried to start it up today but looks like there is more mystery to solve before it will light up.
I ended check to see if there was any power going to the coil. I found the current going into the ignition wire seems to go on and off like a turn signal. It doesn't stay constant.

Any thoughts where I might find the cause?. I was thinking it might be the voltage regulator. I put on an electronic type rather than the original style. I am open to other ideas.

 

the wire may be bad

 

Do all your electric accessories work when you turn the key to accessory? like headlights and turn signals and what not? if not i would check the main hots leading into your fuse box under the dash by the steering wheel. I have a similar problem, but my solution is going to be running a hot from the battery to the ignition side of the starter solenoid, this gives me power to the coil and ignition to start the car and drive it to the shop to see if they can fix my botched wiring job. i reran all the wiring very carefully to clean up the engine compartment, but now i have to deal with this. let me know

 

I'm no mechanical genius so I don't normally reply to many of these posts but... This exact thing just happened to me with my new 347. I had used the wrong wire out of the wiring harness to attach to the coil. When the engine would not fire I tested the wire and sure enough, the test light flashed. I checked the other wire and the light stayed on and when attached to the coil, the motor fired right up. Good luck.

 

Current to the coil does start and stop like that. That's how the coil functions; the ignition module (or points) open the primary circuit, which causes the EM field in the coil to collapse through the secondary windings, causing a high voltage spike in the secondary circuit.

Voltage, however, should always be there, unless you're still running a resistor wire, in which case it will jump between ~8V and 12V. If the voltage is flickering on and off, something's wrong.