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Originally Posted by cabrioletgalaxie
Update: Checked for spark at the plug wire and nothing. Replaced coil, no change. Found I had 6V at the ignition switch with switch on, but it dropped to 4.5V at the coil.
Since I had installed a Columbia 2 speed rear this past summer I decided to take the wire connection off the back of the ignition switch just to make sure I had not compromised the wiring. In the process found that red wire terminal on the back of the ignition switch was very hot, hot enough to burn me. It was only hot with the ignition switch in the on position.
I have not got into the distributor yet, that is next. But I am not sure what could be going on in the distributor that could cause this issue.
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Have you tested the voltage regulator?