was it running with the old cap and rotor?..
did the distributor get turned (engine backfire?) so the contacts in the cap no loner line up to pass the voltage?..
you've said you are very familier with the systems, but sometimes, even the best can overlook a simple thing and have a problem...
its a simple system and if you are getting spark out of the coil and out the end of the high tension coil lead at the cap, then its going into the cap....
......at this point the voltage needs to pass thru the center contact in the cap to the rotor contact....
which then passes out the end of the rotor, which needs to be aligned with a contact to feed the spark plug in the cylinder.....
if there is no spark out the cap at one of the spark plug wires, there is either a disconnect somewhere at either end of the rotor (possibly out of time and the spark has no where to go out the end of the rotor) or continuity to ground (short) in the rotor..
also, I dont know what engine your working on, but just because, check to make sure the distributor gear pin hasnt sheared, which would cause it to be out of time and not allowing the spark to get out of the distributor.... which could also affect the oil pump (usually its a bad/stiff turning oil pump that causes the pin to shear)....