Found some info on testing the switching Module inside the Mallory Distributor:
Step by Step Module Testing - Unilite? and E-Spark?
Tools Needed: Volt Meter or DMM, Credit Card or piece of thin cardboard
Important: If you are using a CD amplifier (Mallory Hyfire?, MSD, Jacobs, Accel 300+, etc) on your vehicle you must first unwire it from the system or you will not get a valid test result. You can bypass some of these with a supplied connector, but otherwise you MUST unwire it. After removing the amplifier you will need a ballast resistor installed in the system to prevent killing a good module (if you attempt to start the engine). Follow your distributor instructions for proper installation.
Remove distributor cap and rotor. The Mallory rotors are usually on pretty tight, but it is only a press fit. You will be able to get the rotor off by firmly pulling straight up, though in all honesty it may hurt a bit.
Turn the ignition key ON and use your DMM (Digital Multi-Meter) to measure supply voltage. First check voltage at the POSITIVE side of the coil by connecting the black lead of your meter to a good ground (engine block) and the red cable to the coil. The meter should read close to battery voltage. Now check voltage at the NEGATIVE side of the coil by moving the red lead from your meter to the negative side of the coil. Your meter should also read close to battery voltage. If everything is good here, continue. If you do not get "close" to battery voltage you need to make sure there is not a power supply problem. Take a jumper wire from the positive post on your battery to the positive side of the coil. If you still do not have a reading close to battery voltage at both sides of the coil the module is energizing the coil when it is not supposed to be doing so, replace the module.
With the DMM still connected to the negative side of the coil you are going to watch the meter while blocking the optics on the module with your credit card. Placing the credit card or other device between the towers on the module blocks the optics. When the optics are blocked the readings on your meter MUST drop below 2-volts. It may be just for an instant, or it may hold below two volts until you unblock the module. Either is OK. But if the voltage does not drop below 2-volts the module has been damaged and must be replaced.
Unblocking the module after step #4 and the voltage reading on your meter MUST return to battery voltage. If the voltage does not instantly jump back up, the module must be replaced.
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After testing: I get no voltage on the Negative side. (I dont quite understand this as its the"Negative" Side. But I guess its only Negative when the switching mechanisim tells it to ground itself?
Also, with the ignition ON, the coil gets very warm to the touch.