Yes and no, use the meter from the post to ground with the key at start. To check the key there are two tests first from the hot side to ground then from the "switched to start side" of the key switch when engaged in start. Voltage should be the same voltage.
Disconnect the positive wire from from the coil OR be sure and turn the key yo off so you don't fry the coil by forgetting.
Do close the intake water valve if you do any "cranking" so there's no water encroachment.
Dave Neptune