Do you show rpm signal on the handheld during cranking?
I would verify voltage at the system with a meter during cranking. If you really are seeing a drop to 6-7 volts the system is likely powering off and not firing the injectors. You need 10 volts during cranking.
A lot of this points to the battery. If it has some dead cells it may hold a charge and test okay, but under load falls on it’s face.
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-Jason
1969 Pontiac Firebird
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