The fact that the test light was flashing when connected to the - coil terminal proves there is power to the coil, and the points are making and breaking the connection.
Do you know the coil is the correct resistance? Some coils need a resistor, some don't. You can look for any information printed on the can, research the part number, or check the ohms resistance across the + and - terminals.
With the coil out of circuit, a 12v no resistor needed coil will have around 3 ohms resistance.
A coil with around 1.5 ohms resistance needs a resistor.
For proper operation, the proper combination must be used. Too high resistance (a non resistor coil with a resistor) will give a weak spark. A resistor required coil used without a resistor will temporarily give a good spark, but will quickly burn the points and damage the coil.
Once that is established, check the spark quality at the coil tower. Should get about 3/4" or better spark to ground. If this spark is weak, try the old condenser, try a solid wire coil wire.
Then check for spark at the plugs Each wire should have 1/4" spark to ground.
If spark is going into the distributor cap, but not making it to the plugs, check the rotor. It could be grounded internally. With the cap removed, hold the coil wire near the rotor, arc the points. The rotor should not draw a spark. If it draws a spark, it is grounding through the distributor shaft.
Look the new cap over carefully. Be sure it is the same as the old one. Check the carbon post, be sure it is the same as the old one, check the position of the terminals that they are clocked the same as the old ones, check the height.
It's just a matter of process of elimination, you'll find it!
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