My old thread is 3 pages down now, so I started a new to say thanks for the help. I finally got back to it this weekend.
It turned out to be a bad coil, but Old was right about the points grounding out too. The thin strip of metal that connects to the coil was just making contact with the base of the dist. Changed lots of points, never had that happen before.
Thanks again, now it's off to the Farmall board, Moms cub has a spun bearing.