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Mike,
My 240 had a no spark condition and it turned out to be the ignition switch. That's why I'm concerned as to what your car is doing at the negative terminal on the coil when cranking. Are you sure that the meter is on the right setting? There's a voltage setting with a bar over it and another voltage setting with a ~ over it. I think you need the one with the bar. Try testing the battery with the meter first and see if it stabilizes at around 12.0 volts. It took me a while to learn to use my DMM.
Good luck and don't give up on that car.
Dave
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