I'm always sympathetic to this scenario - it happened to me 3-4 years ago, and figuring it out just about killed me.
New complete distributors (3), gear engagement with the cam verified, new plugs, new wires, new rotor and cap, timing checked again and again, valve binding and preload checked. Always got 12.4 volts at the B+/pink wire terminal. This was all checked by many people, all of whom know stuff about stuff. Never got more than the weakest little yellow spark that could barely jump across the electrodes.
Went so far as to clamp a distributor by the shaft housing in a vise, attached one plug wire and a plug to a post, applied 12VDC to the B+ and spun the shaft with a 1/2" drill motor.
That made a spark - OH BOY did it make a spark! I had my hand near enough to the posts that didn't have wires and when I pulled the trigger on the drill - I lit up like a Christmas tree. Took about a week for my heart to return to it's normal rhythm.
But put that same distributor back in the truck, crank it over - NOTHING!
One night after about 50 tries I started to notice that the only time the engine seemed to fire (and only for a brief moment) was at that instant when I would give up and let the key snap back to the run position from start.
Long story short: Went to the corner of the gargage found a beat up old starter. Wired it up, bolted it on and turned the key. Not only did the test plug that was laying on the engine make a big, bright blue spark , but the engine fired up before it had made 2 revolutions!