Using a drill is a good idea, its the way I've tested the CAS before, the problem I've had is getting the shaft of the CAS into the jaws of the drill.
But before you do this, and risk buggering up your stock timing, try disconnecting everything on the harness - the 4 pin connector, the TPS, injectors and the ignition pack that should leave you with just the power, grounds, flyback, coolant sensor and the CAS in the circuit.
You've definately got the voltage sorted, we were getting an RB25 started with the voltage reading 8v on cranking.
The RPM will only show once the pattern is established (thats why I suggested disabling the sync so that any signal on the primary will start the RPM calculation), the fuel pump will prime as soon as any signal is seen.
If the worst comes to the worst I have an S14a adaptor thats sitting here (its for a wasted spark coil pack) and a VEMS that has just come off the aforementioned RB25 test which I can get out to you in so parts can be swapped out to find the guilty component. It still scares me that the relay blew when it was plugged in.