This is a nice thread.
I also want to know if there is a way to test this unit with mutlimeter or something else.
I have the same problem like this one.
But i got the bike non runing i have never ride it. It comes to me with this problem and i trying to fix it.
I suspect the PGM III is failed on ignition side.
I tested all other things on the bike and they work as they supposed to be. RC Servo motor controlling the valves correctly. There is a signal from pulse coils down at the flywheel to the PGM III unit. Also i checked the whole wiring harness each wire one by one.
Kill switch, Ignition switch, Ignition coils working fine. New battery added and so on. But still no spark on both cylinders.
I will never give up until i fix this problem.
You guys are so lucky in your country you have people who ride this legendary bikes and you can help each other with swaping PGM III units and other things on the bike to check their condition.
In my country (Bulgaria) I dont have this luck. So i will be glad if someone knows how to help with solving this problem.
Many greetings
George