Leaving the key on will not melt the points, any more than leaving a light on in your house will melt the wall switch. The points (when closed) are a low resistance mechanical device, and there is no mechanism to build up enough heat to melt them. (Points burn/wear in normal service due to the arc created as they transition from closed to open.) I believe that the front mount distributor, by the nature of its design, has a very large dwell angle -- much larger than the side mount or modern cars. A properly sized alternator anti-backfeed diode should not have failed in this situation -- otherwise it would have burned out the first time you turned the key on to attempt to start the tractor. It is possible that the coil and resistor were damaged due to sustained heating, although the typical "Chrysler Ballast Resistor" should have tolerated this. One could argue that a properly designed 12V conversion should survive the operator leaving the key on; it happens often enough. But I can imagine a conversion reusing the original 6V coil, original "infamous" ballast resistor, and then using an inappropriate dropping resistor might have resulted in burning the coil and "infamous" resistor. It should not be necessary to change distributor cap and rotor because of this -- unless you felt like changing them anyway. With the engine stopped and the engine sitting with the points closed, it should be impossible to get 12.5V "through the coil". The points are a dead short to ground when closed. There is an open circuit somewhere between the place you are measuring and the points themselves -- perhaps taking everything apart to change the parts you described you broke a wire or connected something incorrectly. I'm not familliar enough with the mechanical arrangement of front mounts to suggest the best way to trace where the 12.5V suddenly transitions to 0V, but that is the best way to proceed.
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