Okay, update time. Thanks all for putting up with me.
Here's what I did:
Backed ignition switch off within distributor body one full turn.
Visually checked the distributor again. Everything appears fresh, clean, no fray, etc.
With ignition off, I checked for voltage at both sides of the coil (6.3) and at both "wing nuts" at junction block (6.3).
With ignition on, I checked for voltage at points with them set open (6.3).
Placed distributor end of coil wire near head bolt and grounded points. Got a GOOD spark to jump each and every time.
Gas flow to carb is excellent.
Put all back together.
Attempted to start. Amp gauge bounces as expected. Engine started, sounded good for about twenty seconds. Acted as if it ran out of fuel. It didn't.
Tried to start again and noted amp gauge NOT bounce.
Now I'm back to a no start condition.
I have a little more hair I can pull out. Not much....