The culprit turned out to be the thermal fuse, P/N 3392519
. I have never seen one do this, but it had continuity when checking it with the ohmmeter, however under load it dropped voltage but was not fully open. Usually these are either good or open. When I checked continuity last time out, I unplugged both wires to be sure there was no outside interference to the readings, and it tested good.
This time, I first looked at the timer as was discussed and when I checked the contacts under load, it was good. Then I started following voltage back through the circuit from ground and when I came across the other side of the thermal fuse with the unit running and set for heat, I got a reading, hence the 40 VAC at the burner assy. So I jumped out the thermal fuse and it fired right up.
Appreciate everyone's input.
Have a great weekend all!