Ok, update. Although I never want to see another multi-meter again, I found the gremlin. I traced it to an open circuit in the pick-up coil which turned out to be a damaged wire right where it connects to the pick-up coil. I replaced the pick-up coil and low and behold, we have fire power

It now runs, but I've run into a whole new problem. I can't get the p/u coil-to-reluctor gap right to save my life. From what I can tell, something in the distributor (probably either the shaft or the pick-up plate) is bent loose or otherwise screwed up. I had the gap as wide as .010"(4 thou over spec) and while it seemed to be gapped way too wide at idle, as soon as I got on the throttle and got the vacuum advance pulling, I could hear the point on the p/u coil rattling off of the reluctor. It wasn't a light tapping either, it sounded like a friggin rattle snake under my hood.

The distributor I have right now is a reman unit that seems to have more play than it should, and I've always kinda noticed a slight miss at idle, so in light of recent events, I'm seriously considering some upgrades to my ignition system, starting with the distributor.
Thanks again for all the help guys, you were steering me in the right direction the whole way. And Chump was spot on with paying extra attention to the pick-up coil
Dan