Lots of things to address so please bear with me.
Regarding the peak voltage readings - using an adapter many DVOM's will read peak voltage and this is a common test for CDI ignition components. For instance Yamaha, Mercury Marine and Suzuki, (brands we sell and therefore I work on) publish peak voltage specs for source, (exciter) coils as well as trigger, (pulser) coils. As well they have resistance specs of course. But sometimes I see resistances in spec but weak voltage outputs from these components. We always do both tests for diagnosis. And we check peak voltages unloaded and loaded as they sometimes can show good readings until they are under a work load - IE connected to the CDI, secondary coil and trying to jump a gap tester.
As far as how a peak adapter works here's a copy and paste I found to share ---
Some meters are capable of reading DVA or peak voltage pulses. Many ignition system
components produce short AC voltage pulses. A peak-reading analog meter or DVA adapter
plugged into a digital meter captures and holds the peak value of an AC sine wave long enough
for the human eye to see it displayed on the meter. A conventional meter is incapable of accurately
measuring these short-duration voltage pulses.
That explains it better than I can.
OK so can a peak voltage test tell us anything on an energy transfer points/condenser ignition system is the question. I don't know. We do so little work on these systems these days; the odd OMC outboard will come in but cost of labor and parts often makes repairs of old items uneconomical for the customer.
But--- I don't see why a peak voltage test wouldn't be useful? Even though I don't know exactly what voltage we need to fire the secondary coil it makes sense that the voltage should be fairly consistent. And my best guess is that it should be somewhere north of 150 volts? I expect 250 - 300 actually.
Of course all this is just experimentation; the bottom line is I still don't have spark after changing points, (which as mentioned are showing almost no resistance when closed and are opening to .013") and installing a new condenser, (plus trying another used one that was working) and checking the black and blue wires from the mag to the coil connection.
I'm not sure what the substance is that seems to be coming from around the HT lead; it might be that someone at some time in the past tried to seal the lead with black silicone (or similar) and that has warmed up and spread. The HT lead seems tight. Tonight I tried connecting it up and I got the same peak voltage readings as the other coil. And no change in spark. It will produce an intermittent weak spark with a plug laying on the cyl head but with an adjustable gap tester it will not jump 2mm.
I agree with everyone that an exciter coil failure would be odd especially when the resistance tests fine.
And I don't know if my varying peak voltage is an accurate test or should be concern at all. (although it does seem strange to me)
But I've changed and tried everything else in the system. Other than the flywheel which has good magnetism; it grabs and holds the key, nut, washer etc.
So moving forward I've ordered an exciter coil, another set of points and a condenser from Paul. Even it I don't need some (or any) of these parts this time they will be good to have in reserve.
I just don't know what else to try at this point. But over the weekend I'll play some more.
Too bad she quit so close to the end of our season...I only need 29 more miles and that would make an even 1000 for me and the Ace this year. That includes 1.5 pushing hahaha
Ken
PS- Brian, wish I lived closer. I don't make it to southern Ontario too often. But when I do I'll let you know and hopefully we can meet up.
You may recall that it suffered a seizure back in May but since that she ran great for about 400 miles. Then the small end bearing tossed its needles so I replaced the top end again. And she never ran better until a week ago last Monday on my way to work when it lost spark.