The actual spark voltage is directly related to the voltage provided the coils. If you are still using a battery charger to power your bike, you had better tell us its charge rating. The bike loading may be lowering its voltage. Guaranteed you will get weak spark when the coils are only provided with 9V.
I do not understand the recommendation to replace the coils without proof of actual failure. I've got over 10 bikes that are still using the stock, original coils. (Although one set got an insulation crack at the coil lead exit, due to my rough handling of the hardened ignition lead.) Looking for arcing in a darkened garage is a good technique.
I think your continuity light behavior is as expected. But, there are different types of test lights. Is yours powered from the bike or its own internal battery?
In either case, be aware that one point set is always closed. Therefore a circuit path is provided through the coil to the power lead, where it joins the other coil. Then current can flow through the other coil, through the closed point set, to engine case. Since the coils have resistance, the light could be dimmer due to that. Again, you'll have to better describe the test set up.
Weak spark can be caused by dirty spark plugs, failed plug cap resistors, or crack in the insulation of the ignition wires, as well as low supplied voltage. Do you know what the voltage is at he B/W leads attached to your coils?
Look for insulation cracks/leakage.
Measure the resistors in your plug caps.
Measure the voltage being delivered to the coils.
Use new spark plugs.
Cheers,