Got the engine mounted and pedaled the bike. Made sure to hook a multimeter up to the wire that feeds the ignition pack, and with great delight can report that the meter was reading 6v.
Lesson learned is that rpms are correlated to voltage output. My drill could only spin the flywheel fast enough to generate 1v. When pedaling the bike, the flywheel spins fast enough to produce 6v.
I’m confident I’ll have a big fat blue spark when I hook up my ignition pack and new plug!