If it is hooked into the distributor, and the points are closed, it should read in the 6 to 8 volt area. But if the points are open, or it is disconnected from the wire, it will read pretty close to the same on both ends. A bad resistor will heat and open up in the short time it is "running" but I would think it would show a no spark when static tested as well. I would just bypass it for a trial to see if it is the cause. Just thinking out loud. JimN
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