So, you have the wrong coil, the resistance is too great. Get a Pertronix coil with 1.5ohms.
How does the Pertronix see voltage at 'Start'? The original ignition switch will not give power to the coil at 'Start', the power would come from a set of contacts on the starter solenoid (it was done this way to bypass the ballast resistor so the ignition would see a full 12vdc). You say the wire from the starter is not connected, so how is it getting voltage to start? I bring this up because problems have a way of being interconnected, I realize it may seem pointless because the car will start. It may be that the ignition switch has been replaced with a GM HEI ignition switch.
I'll bet you are using a digital volt-ohm meter to read voltage, they'll mislead you. Find an old analog meter, the kind with a needle, they'll give you the actual voltage.