Re: HEI and 12V
To answer your question, yes the voltage drop you see down to 9 / 9.5 volts is normal while cranking and should go back to 12 + with key in the on position. You should see around 13 - 14 volts running.
I would chalk this up to a bad connection at the connector to the distributor. I would clean it and make sure it is locking in the coil cover the way it should and call it good.
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