Engine Not firing, suspected carb issue

If I may summarize my personal conclusions for the last 6 posts:
The battery is apparently draining at a prodigious rate. You should be able to crank for 5 minutes without a significant drain on a new battery. I don't recommend it because you do not want to heat up your starter, but the battery should have the capacity.
The battery should not drop 0.4V as soon as the switch turns from OFF to ON.
The low battery voltage is why your light will not function on the other 3 wires.
My first suspicion is a faulty battery, perhaps a dead cell. A battery can show voltage but not have the capacity for the significant current required for the operation of the starter (50-60 Amps).
I would first confirm your connections. Mainly both the battery terminals, and then the battery to frame ground and engine case to frame ground. Look for frayed or damaged wires. If all is well then I would pull the battery and have it tested.
The only other thing it could be is the starter. It may need to be rebuilt, but that still does not explain the 0.4V drop at KEY ON, starter not engaged.

I suppose my post was unclear regarding the voltage drop. I turned the key on, tried performing a few other tests while the key was on, before going back and checking the voltage drop from charged. This seems somewhat normal. I put new jets in and the bike don't even sputter, just cranked.

So I've spent time going through the ignition/power/ground wires, removed some "accessory wiring" just in case that was shorting out somewhere. I static timed both coils, both checked out. Now, I swapped the coils, as I found 2 &3 checked out and were both getting spark, so I figured, "hey, it's gotta be a coil!" well, the coil swap proved that wrong. I'm thinking my Dyna S ignition pickup for 1&4 might be fried. Is there any test I may be able to check to see if this is my issue? some sort of resistance test maybe? I wouldn't know what values to look for.