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The OD issue is a possibility although I don't think it explains how you would have voltage on one side of a terminal but not on the other at the end point.

Did you measure with the wire and condenser connected to the outside terminal or with them disconnected? If disconnected then some kind of short in the distributor with the points or mounting would seem to be a likely possibility. If connected, the fact you have voltage at the external distributor terminal but not at the points themselves makes me wonder if there is an issue with how the points are connected to the terminal or are dirty and not making a good connection. Just on the chance the points have oxidized did you measure after they were burnished or cleaned?

I have not looked at that particular model distributor to know the actual construction but from the illustration am assuming the terminal that connects outside to inside is a solid metal post which is supported by a couple of plastic like insulators as it goes thru the dist housing. The wire and condenser fasten to one end, post goes thru the housing and the points connect to the other end via a flexible strap.

If you have voltage at one side but not the points themselves, assuming the points are open and clean and post is one piece and intact I would wonder if there is some kind of insulation improperly placed so the strap which feeds the points has somehow become isolated or a possibility the points are incorrect or damaged so the strap which makes the electrical connection is missing.

Here is an illustration of the 40 distributor for the 1800 and a photo of typical points from a different distributor but probably the same construction as yours. Do you have both the spring and the electrical connection strap and is the strap making a direct connection to the terminal post with no kind of insulating material between the two?

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The beast is running.....holy crap...it works...I'll get back to you in a bit on the fix.......simple really..lmao

It was an insulator problem...best I can describe it is the small square nut inside the distributor was slightly touching the plate...THANK YOU, everyone, for your help in this...now if the wife will allows me back in the house, things will be great..lmao

Been there and done that. An easy fix for a very nasty problem. In my case, self-imposed.