hmm, 5 volts seems kind of low on the coil side of the resistor, but I'm not sure exactly what it is supposed to be. Besides, you should still get full 12v at the coil while cranking via the bypass relay. Hot spark for starting, or so the theory goes. Try jumping right to the coil from the battery and see if that gets you anywhere. You can't run it that way for long or the coil will heat up, but a few minutes testing would be fine.
If that still gets no spark, then you got something wrong or bad. Make sure both the condensor and the wire that leads to the coil are hooked up to the distributor down on the side. You need both for it to fire. I'd also try swapping the coil to cap wire, a break in it could kill all spark unless you stuck your finger in the end of the coil to test.

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95 Isuzu Trooper Daily Driver
86 Isuzu Trooper reliable backup
77 LUV 2wd stock beltway blaster (resting)
79 4x4 LUV project: 2.6L, 5spd, 31s (eventually)
MEPR: Man, my 4x4 makes all other LUVs look good
