Todd, funny but a friend with a 88 Dodge truck had exactly the same problem happen to him yesterday morning. Right now his truck had to be towed and is in a garage but it looks like he has a bad ignition module.
I doubt that your coil is bad. I know you have a meter and probably the single red white wire should have +12 volts on it. The other two leads probably go to the ignition module that makes and breaks the coil just as points did in the older models. There is a magnetic coil or hall switch in the distributer that triggers the ignition module. One of the wires to the ignition module also should have 12 volts. If the 12 volts is on the coil and the ignition module then probably the sensor in the distributor or the module is bad. If the 12 volts is missing then you have a open connection probably a fuse link or corroded connection. If the fuse link is burnt then look for a short.
A wiring diagram would help.
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