Yeesh. I didn't read the part about testing it on the Chevy. If it's clicking, it's good. I just zeroed in on the comment that the solenoid needed replacing so of course I provided part numbers.
The MC "Hammer" Solenoid is hooked up via terminal 18 on the ECM for the ground side. It has power from the ECM fuse. The ground wire side has the pigtail with the green connector you hook the dwell meter to. So if there's an open or a short in that ground wire somewhere, that will make sure your solenoid doesn't operate either.
If you're still interested in the troubleshooting, you COULD check the OHMs on the solenoid plug on the solenoid itself to see if the wiring is intact. Should be between 20-32 ohms if good according to CSM. If <10 ohms, it's toast, and replace/rebuild.
I have heard Oldsmobiles do not cycle click like Chevies just by turning it to "ON". Come to think of it, I don't recall the clicking going on in any of my Olds engines except when running. It's been way too long since I've tuned/checked a carb on one of these cars.
You've already proved that the solenoid is good by hooking it to your Chevy. For others, you could also unplug the MC solenoid, hook the MC solenoid directly to 12V source and ground the other side and it should click once. It's likely the only sensor equipment on the engine I can think of that you could possibly put a full 12v to without risk of toasting it. Click means good. No click means trouble.
Get the engine warm to operating temp, and in closed loop and check the dwell (dwell is better with an analog meter on these things as the digital meter may swing too fast to figure out what your dwell is, or "closed time" for the metering rods, which should be 30 degrees in six cyl. mode which equates to 50 percent duty cycle). If you have a meter with a duty cycle setting, that's even easier because you want it close as possible to 50%. If the dwell "freezes" where it is and looks stuck, put your hand over the choke and strangle it for air slightly. This should make it run more rich, which if your still in closed loop, it SHOULD want to lean out your mixture, by increasing dwell. If it doesn't move after doing that, and you know the solenoid will cycle, you're likely out of O2 sensor range (your temp should still be ok) to do anything, so the ECM will lock in on it's last known signal and go into "open" loop. Rev it part throttle again until the O2 sensor starts putting out good feedback that the solenoid can use. If the solenoid is working but not even close to 30 degrees on 6 cyl dwell, make the carb adjustments necessary to get your duty cycle where it needs to be.