Just went through a similar situation with a 96 XT600. Sled died while underway in a field late last winter, checked for spark and there was none at all. Ran all the ohm checks in the shop manual and the only standout was one of the spark plug caps would not read. Ran continuity checks between stator/pickup wires and CDI/Voltage regulators, tested fine. Replaced the plug cap, disconnected ignition switch, tried another CDI box, all one change at a time - still no spark.
Disconnected the ignition coil and hooked up one of the three coils from a Vmax700 coil set, grounded the bracket and installed a new spark plug in the cap from the single coil and grounded the plug body on the frame just like you're checking for spark on the head. Finally showed spark, but not very strong, so, unhooked the single coil and hooked up the coil on the sled and had the same faint spark at both plugs. Engine started but didn't run well, almost like plugged carbs. Cleaned and reinstalled carbs since they hadn't been cleaned since sled died, fired sled up and it ran well enough to drive around the yard but still wasn't right and finally died. No spark. Did the single Vmax 700 coil thing again and found spark. Refired sled, ran like crap, and died. No spark. Replaced voltage regulators and tried yet another CDI box, still no spark. Tore down to stator and found some rust on flywheel and pickup coil, cleaned up flywheel and tried a different pickup coil, still no spark. Replaced stator with a good used unit and the spark was flying off the plugs. Put everything back together and sled fired right up. Both stators ohm tested almost identical by the way, and looked fine, yet one was obvioulsy bad.
Moral of the story: If it's electrical, it's probably the most expensive and hard to get to part in the system

. jk but in this case it was the stator. In your case, I'd try to find a known good used stator from a trustworthy source for a reasonable price. You've already torn it down that far and a used stator should be available relatively inexpensively for that old of a sled. You must have some good used parts dealers in Wisc, or search your local paper/online classifieds for sleds parting out, or post up a wanted ad here on this site. Good luck!