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I've got a similar problem with one of my other projects (62 cheby, straight 6). And I've been through the carb, fuel pump and ignition. It has a bad backfiring issue. Big Boom bad enough that my neighboors came to check on me :-) I've installed a new distributor, coil and set the dizzy in every gear tooth possible...It still won't run, but it will backfire..
ANyway, my thoughts are that if you have an explosion, you have fire and fuel. That leaves timing as the problem. And to me there are 2 pieces to timing: distributor position and cam to crank position.
I agree with gtex........gotta be a timing issue. You sure your dizzy isn't a tooth er two off?
Also......after verifying this, you may want to try this. Set your crank at zero degrees, pop off your dizzy cap and mark spot of rotor.(Should be @ #1 or 180 off) After doing this, rotate your crank two revs and re-check your rotor mark. If same location as started from, timing chain should be OK. If not, your nylon ring gear prolly is busted/broken/in your oil pan.
Well if its an orange spark, then something isn't right in the ignition. I'd check the points. Proper gap when fully open, if I remember right, is .017". Next, try a different coil. They dont fail often, but they can go out. I had a brand new Accel Stupor-Stock coil go out within 1 month of buying it. No more Accel products for me.
Easiest check is to run a jumper wire from the ignition switch side of coil to 12 volts battery plus terminal (RED) and then check your spark. The starter solenoid is suppose to by pass the resister when you crank the engine, but I have seen them still crank the engine and not do this. Also check your battery voltage while you are cranking the engine. Should be about 10 volts at the lowest. If lower you have a battery problem or a high draw starter that needs replacement. The voltage at the coil when the engine isn't running is telling you nothing as it is a static voltage and not an operating voltage. Like I said the starter solenoid is suppuse to by pass the resister anyway and give you full battery votage on cranking the engine. The resister wire voltage is a run voltage to keep from frying the point at idle and low speed. A yellow spark does sound a little wimpy anyway, try the jumper wire. Hell that's how I used to hot wire my dad's Lincoln when I was a kid.
have you rechecked your plug wire routing if you repolaced them recently which you said you junked the old ones, so i would recheck the routing of the wires before you make any assumptions about dizzy problems.
also what kind of coil are you using some coils fire a lot hotter then others so you may heed yo adjust your gap factory is .015 .017. i have my gap set at almost .040 because i am running a 60,000 volt coil. the power wire for the coil has an inline reducer of some form to drop the voltage from 12 to 6 or 7 volts hooking it up with a full 12 volts will burn out your coil more quickly.
one more thing you saaid the points are new you may want to recheck them i installed mine once and after the final adjust ments forgot to retighten the screw completely and it worked loose and pushed the thing out so the point were not opening at all. no gap no spark.
Fritolay; Having 12 volts to the coil will not hurt the coil. It will fry the points fairly soon, but not hurt the coil. The starter solenoid puts 12 volts to the coil everytime you start the engine.
with my accel supercoil was a resistor the installation directions plainly stated that not installing the resitor would adversly affect the life and performance of the coil.
Frito; Then I wouldn't do it in that case but, I will bet you that their lawyers caused that little statement and the coil would work fine, unless the output was so high it caused arcing. The standard coil will handle 12 volts just fine, the lower voltage is to keep the points from burning at lower rpms.