Is this a TBI setup with ECM control or HEI with weights and vacuum can? Are any of these parts carry-over from the old motor? Any left-over parts to swap for troubleshooting or friend with a similar setup?
Do resistance checks on the coil primary (connector to module) and secondary (carbon button spot to ground lug) to make sure the coil isn't broken. Check the pick-up coil where it plugs into the other end of the module. I thought on TBI you could bypass the ECM via the test connector and get straight base timing. The fact you see 12V on the low side of the coil means that primary isn't open. Make sure you have something pretty close to 0V on the low side of the module as well. There are also some checks you can do with the DMM in AC volts mode. The pickup coil should produce a small voltage when the engine is spinning, when it's not connected to the module, anyway (it's just a permanent magnet so you should also see the ohms flipping around when the dizzy spins). If the module is driving the coil, you'll see an AC voltage on the primary (you know, the terminal hooked to the module and not to straight 12V).
Also retrace your work to make sure you didn't do a late night snafu, like leave out the carbon button or line up one of the coil terminals wrong in the distributor cap. I think it's also possible to get the dizzy dropped in "wrong enough" that the rotor terminal isn't lined up with any of the cap terminals when it's trying to spark.