Tested the voltages while kicking the starter, with no credible results. The pick-up leads gave 0.2V and the other 'overload'.
Put everything back together w/ a new HT lead, and now the bike is running. Don't ask me why.... To me the HT lead looks like copper wiring inside an insulator, and hence I have a hard time believing it would have gone bad while bending it out of the way when installing the exhaust.
Well, tomorrow is going to be a big day. The previous two runs I had last summer ended up in a melted piston and cracked cylinder.
If there is a good description on how the electrical system works, I'd like to hear about it.