Re: 71 1150 Fires then dies as soon as you realease key from crank position
The starter solenoid has nothing to do with the ignition. The setup the O.P. is referring to is for a dual-point 2-coil ignition found on '65 and older Inline Sixes. Your 1150 has a trigger-fired distributor and CDI switchbox with a single coil.
On the Stbd side of the switchbox (opposite the distributor) you'll see a red terminal and below that, a white terminal.
Battery voltage is present all the time on the red terminal. Battery voltage is only present on the white terminal with the ign in the 'START' or 'RUN' position. You'll only have spark when there's power on both terminals.
Since you have spark with keyswitch in 'START', it's possible that the ign switch is bad and you don't have power going to the white terminal with the switch in the 'RUN' position.
This is easy to check, just turn the switch to 'RUN' and check for power on the white terminal. If there's no power, replace the switch. If there is power, you could have a problem with the trigger or switchbox (most likely the trigger).
In that case, recommend you perform the following test which should help you get to the bottom of your problem:
"MERCURY BATTERY-POWERED CDI TEST FOR DISTRIBUTOR MODELS
This test is for the 332-2986 switchbox used from 1967-1978 on all the inlines.
This test assumes your coil is good (problems with CDI coils are rare).
DISCONNECT BATTERY
1. Turn off ignition;
2. Disconnect all 3 distributor wires on the Port side of the switchbox (and the ?mercury switch? if present);
3. Remove the HV lead from the ign coil to the center of the dist. cap (remember it unplugs from the coil and unscrews from the cap);
4. Reconnect the HV lead to the COIL only;
5. Position the free end of the HV lead approx. 3/8" from ground (block, shrouds etc), and find a way to hold it there;
6. Jumper the brown and white terminals on the dist. side of the switchbox to each other.
RECONNECT BATTERY
7. Check that you have +12V at the red terminal (even with the ign off);
8. Turn on ignition and verify +12V at the white terminal (same side as the red terminal);
9. Ground the black terminal on the distributor side of the switchbox - this should cause a spark each time you touch ground.
If you get spark with the distributor bypassed, and it won't fire with the distributor connected, the trigger is bad and the entire distributor housing assy must be replaced.
If you get no spark using the test, the switchbox is probably bad. In that case, be sure to check for correct power on the switchbox, check all connections, and check the coil's resistance to make sure it's OK."
HTH, let us know what you find and we'll take it from there...............ed