1983 Spectre 1100 electrical

I went to start my Spectre.  Charged up the battery.  Turned the key, nothing, no lights anywhere.  All fuses under the seat are OK.  All plugs under seat and behind the headlight are tight.   I am thinking the key switch may have just failed.  One strange thing which I noticed may be a clue to someone with more knowledge.  When everything was hooked back up, and I was cycling the key through its stops, I noticed my meter (hooked directly to the battery at this point, would show zero or very near 0 (.17-.29) volts when I had the key in on position.   The far left position, fork lock no tail light 12+ volts, next position off 12+ volts, on position O-.29 volts, fork lock with tail light 0-.29 volts.  
Any ideas before I dig deeper.  I have never seen a situation, or imagined a bad switch would make that battery read zero like that, with the meter hooked right to it.  I see or smell nothing crazy, yet.
I did take the starter solenoid off and applied power and made it click and got continuity through the big lugs on it so I figure that's ok.
Any replies will be appreciated.
 

If the battery voltage is dropping to under 1v when you put load on it (ignition on) either the battery terminals or ground are loose or the battery is "goosed" about the only other thing that would pull it down that far would be a "dead short" but the smoke would give it away 

My number one suspect would be the battery. If you want outside confirmation, most auto parts stores and every battery store worth anything will load test it for free.

You guys got it!   I hooked up my riding mower battery and all the lites came on and key switch seems to function like it should.   I didn't try to crank it but it should be good with a proper new battery.  After I took the old battery out, I remembered years ago I had to reconstruct the negative battery terminal that was damaged.  I used some JB weld and some of that gray steel epoxy stuff.  There must be a breakdown under that which wasn't making good connection.  It lasted a few years anyhow.
Thank you for the pointers, both of you.

12 volt plus on the bikes voltmeter, horn works good, starts quick.  I'm happy camper now.  Another season of scaring the shit out of myself.

Nice.

At least it won't be that battery scaring the shit outa you this year  heh heh