I have a 1968 Galaxie Fastback with the 302. I bought it as a project and then had health problems so it has set for years. I am now trying to sell it.

When I bought the car it had been setting a long time. I put a battery and gas in it, started it up and drove it home. 

It always started no problem. I parked it in the garage several years ago and that is where it has stayed. We tried to push it out of the garage but it wont budge. I assume the breaks have rusted. Next we tried putting a battery in it, figured I would start it and drive it out. It cranks fine but no spark. Tried starting fluid but still no spark.

I noticed that anytime the battery is connected the ALT light flashes, even if the keys are removed. It did not do that when it was parked.

Are the problems related?

Can a bad voltage regulator keep it from firing?
I'm guessing voltage regulator because I don't think there is anything in the alternator that can make the light flash. Most every thing I have read about the voltage regulator seems to indicate it just charges the battery and would not keep it from starting.

The only other time I ever saw and ALT light say on was on a Cadillac that had bad diodes in the alternator. The light stayed on constant not flashing and the car would still start and run.

Anyone else ever see a flashing ALT light with the the key out?

I popped the distributor cap and everything was clean. The coil wire connections looked good at both ends.

I bought one of those in line ignition lights to plug in between the coil and distributor. I haven't had a chance to hook it up yet.

Any suggestions on where to look?

Are there any ignition parts that are prone to wear out while sitting unused?

If they are separate problems I will let the new owner figure out the flashing ALT light (he is planing to restore the car and he knows it needs work). If the flashing light is part of why there is no spark I would like to fix it so the other guy can hear it run. Plus it is much easier to load a car that runs.

Thanks