There ya go! Somewhere between the plug from the harness and the coil, it is losing a lot of voltage. Even repro harnesses may not be as good as you think. You can measure the resistance between the coil lead and the male pin on the gauge feed plug to see if it anomalous (greater than ~ 1 ohm).
Any idea on where to get a good one? I'll check out the resistance but it looks like this may be the problem all along.
Don C's suggestion also sounds likely but I am unsure as to how to test for that
I prefer National Parts Depot and Virginia Classic Mustang as national Mustang catalog stores. Don at OMS will know what is best (most likely Alloy Metal Products).
An easier test is to measure voltage at the fuse box with key in RUN (don't do this if you run points, or if you do, disconnect the coil lead). Check the 2nd down fuse on the right side (just above the smallest fuse), most interior clip. This should provide the voltage coming out of the ignition switch for the run circuitry. The fact that you saw 8.1V at the coil lead but 11.5 at the plug for the engine gauge feed harness says that the voltage drop is between these two points. I always advise getting a new engine gauge feed harness if you have any doubts whatsoever. Of the 3 dozen or so that have come in for checks, maybe 2 have passed. These harnesses see all of the heat, stress, etc. of being in the engine compartment and folks just love to butcher them, and cover up the bad splicing practices with tape so you can't see that there was a splice.