Zach - If the points are not making contact and grounding when closed, the voltage readings you observed are normal.
To verify try running a temporary jumper from the distributor primary terminal to a good ground. Now turn on the ignition and take your voltage readings again. You should see 12 volts on the ign side of the resistor; approx 5 - 7 volts on the coil side of the resistor and the resistor side of coil primary; and 0 volts on the distributor side of the coil primary. (Don't leave the ignition "on" longer than necessary to take voltage readings - to avoid overheating the coil and resistor).
I'd recommend replacing the points/condenser and see what you get.
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Incidentally if your tractor is negative ground, the coil + SHOULD be wired to the resistor and the coil - to the distributor. However the coil will work fine with the connections reversed.
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