That makes a total of 3.9 which is a bit high for a v8 with points. Ideally, we'd like to have a total between 3.2 to 3.4 ohms. Now when you traced out that insulated toaster wire, did you happen to notice an excess amount of wire basically doubled back over on itself several times? The length of this wire is what establishes the resistance, so it had to be considerably longer than the distance it needed to span. Now it is providing a bit more resistance than is required. That could be the result of corrosion on one or both sides of the bulkhead connector where that wire is attached. If the contacts are suspect, you should dress them to your best ability and re-measure the resistance of that wire. If there is no corrosion present and the contacts look perfect, you need to do something to reduce the resistance a bit. There are two options. One would be two shorten the wire and attach a new ring connector, provided there is enough excess length in the wire to do so. This is not an exact science. Snip a couple inches, measure the resistance...lather, rinse, repeat until a factor of @ 1.6 ohms is seen. The better option would be to do away with the resistor wire and run a length of regular automotive wire from the bulkhead to the coil. Then purchase a porcelain ballast resistor with a factor of 1.6 ohm. Take your multimeter to the store with you and measure before you buy. Mount it to your firewall near the bulkhead connector. Interrupt your new wire with the porcelain resistor. Done.