First: Your problem is a/several bad connections. Lets track them down. Second: Your numbers are meaningless unless you specify what position the key is in when you take them. Third: You need to specify which end of the wire you're measuring. Fourth: I'm assuming all your coil voltages are at the (+) terminal.
Good
Ok, that's the first problem. And there are 2 purple wires at the choke. 1 is the ignition wire, 1 is the resistance wire. You need to track down where you're losing voltage. You have problems in the first leg--either in the switch or (more likely) the connections somewhere between the end of the red wire and beginning of purple. Is this reading from the (cleaned) lug on the switch, or from the terminal on the wire? Disconnect purple, and measure at the switch terminal. 12.6? good, move on. No? then you have a problem with the red connection or the switch.
Problem #2: You're losing voltage between the purple wire at the switch and the choke. This can be be a bad connection, or a problem with the terminal crimped to the wire itself. You can verify anything that you're doing by disconnecting the wire in question and running a direct jumper wire from a-->b and see if you're still getting the voltage drop.
If that's a real reading, your resistance wire is bad regardless of the other readings. Did you say it was smoking? It should be hot, but not smoking. You should be losing 2-3 volts through the resistance wire. With everything off, measure the resistance in the wire if you want. I don't know the specs offhand.
That's to be expected if you're only getting 1v at the coil. You need 9v or so. Your coil sees a full 12v from the slave when cranking from the purple/yellow wire.
What does cut the wires mean? Where is everywhere?
I posted a picture of the cut wires. I cut the two purple wires just before the choke. When I did this, I got 12 volts at the purple ignition wire at the choke and at the switch, with key on. This means purple wire from choke to switch is good, correct? I then spliced the wires back together and obviously had the same issues. (10.4 volts at the choke and 1.6 at the coil, connected to the coil or not, switch “on” position. I then disconnected the yellow/red wire from the slave solenoid (this wire shares the same + post at the coil as the purple resistance wire), and read 12 at the switch, choke and coil in theswitch on position. I thought this would mean that the slave is causing my issues. When the slave is not connected to the coil, I have 12v at the switch, choke and coil and no smoking wires.
Key position? Yellow/purple wire shouldn't have any voltage unless cranking. You shouldn't have 12v at the coil unless cranking. Doubt this is your issue, i bet you either have the wrong slave or you wired it wrong when you put it back. I'd put the old slave back in.
Summary.
With the new slave installed, I have a little over 12 at the red and purple and a little under 12 at the yellow at the switch (key on). Key position off, I have 12 at the red only.
Everything is wired the same as pre slave swap and verified correct via the wiring diagram. When the yellow/red, wire coming from the coil, was connected to the previous solenoid, I had 10.6 at the choke and 1.4 at the coil and a smoking hot resistance wire (key on). When the yellow/red wire was disconnect from the previous slave, I got 12 volts at coil, choke and switch. That is why I thought the slave must of been bad.
Thanks for the help. Any chance any of you live in Northwest Michigan???