As good an idea as any I reckon,
If it changed (back to originally) how it operates from discconecting it from the bike to the bench it's well worth a shot.
I was thinking earlier that one would get a horrible surprise if one opened the little bugger up, It's probabley a nice little glued up set if Intergrated Circuits that can't be fucked with.
I just spent a bit of time checking out the results for "Ultima 18-533 Problems" FARK,,, don't go there, you're not Robinson Carusoe when it comes to problems with this unit.
The other connection on the coil go back to Earth ? NO.
Well sort of,,,, but only through a condensor and breaker points, or an electronic ignition module.
One side of a coil is connected to the power, (in your case the Blk/Wht wire), and the other is connected to the ignition distributor.
(which opens and closes the circuit in the coil to induce the secondary (BIG ONE) spark at the plugs.)
No,,, theoretically, the Ultima box has done the connection from the Ignition switch to the (+)side of the coil already, that's the Blk/Wht wire and supplies the power.
(Basic wiring would supply power to the coil from the Ignition switch)
The other (-) side of the coil would go to either the, condensor/breaker points, ( at timming cover housing) or the wire that comes from the sensor unit with electronic ignition.
What type of ignition is on your 1200 ?
Edit; was just thinking that you may have to check the old wiring that is being replaced to trace some of the question marks.
I also have a Ultima Wiring kit, model 18-533. I am having an issue with the headlight. I checked the wirining harnes and ground, every thing was o.k.. My multimeter shows 10.5 volts to the headlight, which is not lighting the bulb. the I did a direct to the battery test on the headlight and it works, both high and low beam. Has anyone had this issue and if so how was it resolved. Thank you for any assistance.