Still have not solved this. I talked the owner of the car to moving it to my buddy's shop so we can work on it in the off hours. I double checked all of the "easy" stuff yesterday like cam timing, compression etc... just for my own sanity.
I tried a known good set of wires, but trying to start it in the dark of the shop with all the lights out may point to a loose wire somewhere so I'll give that a shot.
Unfortunately, the car does not run. It will fire up and immediately die. Like whatever circuit is powering the coils gets weak. I'll be tracing and measuring that today.
Just to clear things up here is the order:
Key on (no check engine light, supposedly burnt out, need to check that too)
Crank engine and timing light will flash two times (two rotations) and then stop.
Stop and repeat, same thing timing light will flash two times and then stop.
As long as the timing light is flashing, the car runs. So it runs for maybe 2 seconds and dies.
So it acts like the coils charge up with the key on and then discharge normally two times before they are no longer strong enough to induce a good pulse. Like the power circuit is being robbed.
However, my bell ringing test showed that with the hot wire connected straight to the battery junction terminal on the firewall, it did the exact same thing.
So, it's like the resistance through the plugs gets too high after two sparks. It's not the wires, and the plugs are brand new.
I'm just not getting it.