Okay Thor, put on your patience hat.

Electrical troubleshooting takes methodical divide and conquer techniques.... First things first. Did you get to start the bike before you put the new ignition in? If yes, then your ignition installation is suspect. Check each connection you made, recheck it, and then make sure it has been terminated solidly and properly. Twisting wires together and covering with tape is not proper. Check you CB 450 wiring diagram to make sure your wires all go to where they are supposed to. Reseat ALL connections. Who knows what might have vibrated loose while bringing home your new baby. If your taillight comes on, then quickly goes off, that indicates a faulty connection, or a grounded connection that shouldn't be. Check your battery with your multimeter set on DC voltage, and the key OFF. It should read over 12 VDC if properly charged. Turn the key, and it should drop some, not totally sure how much, but not more than 2vdc, if memory serves. If lower, you need to charge your battery.
You have a regulator, and a stator and an ignitor on the old cb's right? All of these can be easily checked with your multimeter, and the right honda data for their proper readings. I'm a Suzuki guy, so someone else will have to tell you that stuff.
You can check your coils for spark by pulling a plug, and setting it so the electrode, the business end, is touching the block. You should see a bluish looking spark as you hit the ignition switch. You won't get accurate tests here until you sort out your starting issue. My guess is that your coils are not the problem. I'm leaning towards battery needing charged. Did the bike run when you got it? Is it sitting in the cold? Batteries can easily go flat in the cold....
Tools.... Digital multimeter, under 20 bucks, Harbor Freight. Battery Tender, under 30 bucks, Walmart. (I got the Black and Decker for 20.)
Do one test at a time, and then put things back to the way they were. Don't change your setup until you find a fault. I replaced my regulator last year, after a week's worth of ignoring a shotty connection made by the previous owner. Leave no stone unturned.... Good Luck, and Happy Hunting.
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