Almost. The blue/white wire is wrong. The "coil wire" is the wire from the coil to the distributor. Disconnect the wire from the dizzy and check spark at that end.

The coil only has two ordinary wire terminals in an oval housing on the black plastic coil body. The + terminal is on the long axis of the oval, and the negative is at right angles to the +. Connect the + to battery 12v+, make and break a ground connection to the - with a jumper wire, observing spark at the dizzy end of the coil wire held close to a ground. Use an ohm meter to check the coil as well. + to - should be less than an ohm. Coil-dizzy wire to + should be 10-14k ohms.