Took out stock points and put in the new distributor. Wired up the red to the positive side of coil and black to the negative side of coil. Had a yellow wire running to positive side of coil as well as a black wire that has a cloth like material covering both were soldered to a clip.
Thought that the black clothlike wire was my resistor wire and took it off of clip and engine wouldn't start. Put it back on by cutting off insulation and wrapping around coil post and engine runs. SO is this a resistor wire or what?
I thought I read somewhere that this was a resistor wire.....
How do I check for voltage going to coil with meter?
When setting up timing, the best vacuum is about 2 marks away from being off the stock pointer and car is a little hard to start up and has a little hesitation to it. Takes a little more cranking than I like. So its still a little retarded. But, if I advance it more, it will be off timing pointer and isn't the pointer there for a reason?
So do I have the distributor off a tooth?
Thought it was in the correct positon because the oil pump wouldn't fit into distributor correctly. Should I turn the oil pump drive?
Thoughts, opinions, ideas on getting it correct?
Thanks.

If it's a cloth like wrapping it is more than likely the resistor wire. They are usually white with other markings on them. What you need to do with the Pertronix is take that wire off again and run a solid wire up from the inside fuse box lug labeled IGN. You need a full 12V to run the Pertronix dist.

As far as timing it would be best to check total timing. Pull vac hose off dist and plug. Borrow a dial back timing light and bring rpm's up to around 3K or when you see you the timing mark stop moving. Set timing between 34-36 total. Plug vac hose back on dist and then set your idle and air/fuel mixture.

What is the difference in timing lights? I never heard of a dial back light. Thought all timing lights were the same. I have a stock damper on the car. Thinking about buying a timing tape, but heard they fly off. Any suggestions without having to buy a $300 damper?

Yes, instead of buying a $300 damper or tape, buy a dial back timing light (about $100) best money you can spend. It will have a dial or up/down button if you get a digital one that allows you to retard the light to bring the mark back to the 0 (TDC) position on the damper when checking total timing, or if you have it set way to advance and you can't see it on the timing marks. Then you look at where the dial is on the light or the digital readout. That is your timing. To use it as a normal light, set the dial to 0 and just read it.