To be fair I was using the electronic ignition and new coil to replace the points, condenser, old coil and transistor module. If it had worked then I would not have started the thread. But since it's not at this point I'm thinking to repair the old configuration. But I see your point.
You are much better off by installing the electronic ignition and getting rid of the transistor modual, points and condenser.
Lets take this step by step and see if we can find the problem.
You can actually leave the ignition on for about 30 seconds without any issues.
So with the key on, how many volts are you getting at the coil?
If you are getting power there, I am wondering if the problem is from the top of the coil to the distributor.
The distributor cap has a notch that is supposed to fit onto the distributor only one way, but it is easy to not set it correctly into the notch and have the cap installed wrong. I did this the frist time I got the car. Also, what is the condiditon of the distributor cap and rotor? Are there any cracks in the plastic? Does the metal part on the rotor look like its worn down?
What about the condition of the wires?
Just before I installed my hot spark, I put new wires, distributor cap and rotor just to be certain that there would not be an issue there.
Another thing that I had to do, was grind down the metal "sleeve" on each spark plug wire underneath the rubber boot where it connects to the spark plug. What was happening was the sleeve was too long and stopping on the sparkplug "nut" and it was keeping the sparkplug wire from making a tight connection onto the spark plug. After grinding about 1/4" off, the plug wires not hold on very tightly to the plugs.
If you could take some pictures of all of these things and post, we could all get a better look at it.