The BAT bulb could be burned out because of the 12v. The OIL would probably be due to to the missing sender. To test the bulb is not burned out as well, you can touch that sender wire to the block and light should go on. You are correct, the 2- feed wire should work in either place.
On your other problem, my engine had been rebuilt and briefly run but had sat for years. When getting it ready for starting this time, I was having issues with weak and intermittent spark so pulled the dist out. One thing I found was rust and corrosion on the block behind the distributor and on the distributor grounding areas themselves due to the long sit. Unfortunately I didn't think to take photos of the dist and had already hit the block with a brush before remembering photos. This is what my block looked like even after a couple of hits with a brush. Believe me it was much worse before. The inside of the dist also had a film of something that had condensed on the points and generally over everything inside.
While 12v might be able to tolerate those poor conditions when powering a 6v coil, 6v cannot. Yours should be nowhere close to this bad but If you still have issues with it starting on 6v, it might be worth a look at the dist and particularly the cleanliness of the grounds and connections. If you do pull it, to avoid retiming hassles just remember to take note of where the rotor is positioned before removing dist and then don't crank the engine while the dist is out.
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