The is a lot of wisdom there from Tom. Although the tests you have performed have some value testing the ignition circuits to see what their voltages are during the cranking mode tells you much more.
If the points are basically new this is probably an acceptable test. If the points have been ran a while I prefer to test their ability to provide a ground to the primary circuit against the load of the coil. When they close it should drop to a .5 volts and .2 or less is better. What is the engine and what is it in? Yes answers about Kettering ignitions (points) should be universal but certain system have nuances that need taken into consideration. It seems engines that are 200CID or less give far less problems for a 6 volt cranking system than bigger engines with longer strokes and increased compression ratios from stock such as a Farmall M with Fire Crater pistons. What is the battery voltage you see when cranking? Checking it both at the battery and at the starter can also provide additional insight into proper amperage transfer.
Checking “spark” at the points is one of the most misconceived diagnosis for points. You are actually checking for an “arc” Should you see an arc there when the points are opened? Sure, but judging the effectiveness of your ignition to provide a good spark by that is a guess at best, in fact points that are working the most effectively will show a lesser “arc.” Seeing any kind of spark there only somewhat reliably tells you the primary circuit is seeing some voltage.
Your timing light is likely powered by the battery, is it a 6/12 volt unit? Operating on 6 volt probably is on the low end of its circuits range to function properly. Back to what is the battery voltage dropping to while cranking? If it drops quite a bit expecting the timing lights induction clamp to pickup every spark is asking a lot. An adjustable gap spark tester is the best tool for checking spark, see link.
Example Adjustable spark tester Powering the timing light from a separate battery would help it to be more reliable in this case.