Find each and every ground on each circuit. (there should be one on each side of the rear tub, and then one in the middle of the breakfast plate above your hood latch) Wire brush the inside of the connectors, if you can, remove the bracket they go in and clean between the bracket and the body. This would also be a good time to add a ground wire from the bracket to the frame (although the one on the breakfast plate is not as critical as it is steel there and not aluminum). Your flasher is working, there is just something preventing it from working properly (read not enough draw on the circuit..) Therefore there is two possibilities. First being that the grounds are not grounding properly, causing the low draw. Or your wiring is corroded to the point that it will not carry a current. Now that you stated that you have 12 volts at the signals, I would guess the grounds (essentially you added the ground wire to the frame with the meter).
If this does not work, then take your test light (not the multimeter) and start at the flasher, disconnecting every connection on the way to the lights and see where it stops flashing. If you make it to the ground point then it definately is a ground issue.
The last and final option is to find a bottle of Lucas Smoke and inject it into the wiring.... (mind you if you can find the elusive smoke let me know.... lol)
Happy hunting.
__________________
Andrew Barr.
1972 Series III 109.
"the Tin Turtle"
"However, that was his ploy and I caved....totally caved...  LOL!" Jellijo
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