Not sure what you mean by 12v on the pigtail spring.
You should read 12v on the + side of the coil primary (small wire) when the key is on. Should also read 12v on the - side if the key is on and points are open. It is the act of grounding the - side of the coil through the points that causes the field collaps inside the coil and induced voltage into the secondary side. (spark plug type wire).
If you are getting 12v on the secondary pigtail, the coil is shorted.
To check spark, do as you said. hold the coil secondary pigtail close to the engine block or other ground and crank her over. see if it sparks as a sparkplug would.
I want to express my thanks to everyone who responded to help me. I finally resolved my issue and I cannot believe what it was. Completely new Ford 8N specific spark plug wires, pre crimped in the box, making no connection at all. Bought the wires at my local tractor supply so BEWARE. Not one wire out of four was crimped properly. I used a set of cut/crimp your own wires and my 8n fired right up. I hope me going through this situation can prevent someone else from wasting time and money troubleshooting. Still In disbelief that this can happen, and once again thank you all, your suggestions are what led me to proper diagnosis.