Maybe.... maybe not. Either the switch won't pass enough current - or there's a bad connection between the switch and the coil.

When you check the coil voltage, make sure the ignition switch is in the RUN position (not ACC position). If you have coil voltage in the RUN position, also check it in the START position.

Separate the wiring connectors at the firewall and near the fusible links (in front of the battery) and spray some contact cleaner in the connectors - cycle a few times.

If nothing helps, I'd still suggest replacing the electrical portion of the ignition lock/switch.

Frank