There are 2 wires to the hot side of the coil. One is ignition I know but what is the other wire for? The colors are yellow and a pinkish red

 

There is a secondary wire coming from the "R" terminal of the starter, to give the coil a full 12 volts only while cranking, so the engine will start. The other is the "run" resistance wire, which feeds the coil 10 or slightly less volts.

 

ok thanks i figured it out as well since i got under the car today. I still have a problem of a random misfire and shutdown. the car starts great and runs great but randomly if idleing it just shuts down or when driving it shutsdown since it is in gear the motor turns over pumping more gas and then will refire and POW backfire. have check fuel for vapor lock but the car will instanly refire after backfiring so its in the ignition. I have replaced the coil, condinser, wires, plugs were all fine and chocolate brown and gaped fine. today i even bypassed the resistor wire and added a old porcalin one to see if the wire is bad and still has the problem. so now going to try new points and then im out of ideas after that.

 

If the points don't do it, it could still be a fuel problem. When it shuts down while idling, have you checked to see if there's still gas in the carb by removing the air cleaner and looking down the carb while pumping the linkage by hand? Is she still squirting then?

 

yeah i have. i first thought it was fuel so checked everything there since i hate wiring. ive cleaned the carb 3 times i have replaced the tank (needed to anyway had a huge dent in it) changed filters. if it was fuel the car shouldt fire right back up after backfiring i can just hit the key and it refires. so its something in the ignition. it might be the switch ill try that i guess if the points dont work.

 

Hot-wire the coil directly from the battery, being sure to use your ballast resistor so you don't toast the points.
If it still kills, you can rule out the switch.

 

well it was the switch. hot wired from the battery to the resistor and ran perfect so ordered a new delco switch should be here next week.

 

I love a story with a happy ending.