It's a little hard to do by yourself without a test light, but if you have alligator clips for your multimeter, you can do it. Set your meter to read DC volts. With the coil connected, connect the multimeter between the TACH TEST terminal of the coil horseshoe connector and engine ground (clean unpainted metal on the block). Use the key to crank the motor over, and the meter should flash between 12 volts and zero.

This is equivalent to connecting a test light in place of the multimeter and watching for it to blink. If your multimeter doesn't have clips, you're going to have to have a friend crank the engine over from the cab while you hold the meter in place. To do this test, you have to use the key to crank the engine over. You can't jump it at the solenoid because you need the ignition switch to power the ignition module for this test.

EDIT: looks like Josh and I posted at the same time.