So with my meter set at 50 AC V I am reading 40 on the scale.  This is with the red wire of the meter inserted into the spark plug cap from the coil. Does that sound like the right voltage? I’m not sure if the photos I attached are going to make it through. 

To post photos, you need to use a third party host such as Imgur.

I’ve attached a couple of pics and videos but basically it seems like I’m not getting enough voltage to spark but enough to activate an inline spark test light when spinning the motor with a drill. I’m guessing maybe the coil is bad? www.flickr.com/gp/200845087@N08/S2cUL3d4kJ

I'm not sure what's going on with the "points open" and "points closed" pictures? 

Everything I see in your pics and video seems to indicate there's a problem with the points not making good contact?

1. Zero the meter on the RX1 scale
2. Reading with points closed should be zero.
3. Reading with points open should be around 2 ohms.

Yes, you are getting voltage but without the points working properly you have "generator" that can't create a spike of voltage to fire the plug.