The blue wire is coil primary winding input (+)
The R/W wire is on the negative (-) side of the primary coil.

I'm not familiar with 700 component locations, so can't tell you much more. But I think the coil negative goes to both the Ignition and Fuel Injection Control Units. A test light on the (-) terminal should flash while starter is cranking.

Suggest you post again with info on what test equipment (i.e. digital multi-meter, 12 volt test light, etc) and experience you have.

Good luck,
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Bruce Young, 940-NA, 240s galore (one V8 just sold), '73 142, '71 144 (ex circle track car in CT), '67 144 (new), 122 '63 to '67