Welcome, you've come to the right place for help.
You said you held the sparkplug in your hand and saw no spark. The plug must be grounded against the engine case for it to work. You need a complete circuit. As for ohm readings try this: http://motorbicycling.com/f30/check-...eter-8706.html
Voltage readings will be something in the 70 to 80 volt range, AC from the blue wire to ground from your mag with the engine rotating either by pedaling or spinning the crankshaft with your drill. Get back to us if this doesn't answer your questions.