I also found that I couldn't get an accurate timing reference from the wires feeding the coils in a COP setup. With the timing light I've got, it reads about 15deg too advanced at idle and increases through the rev range in the way you described, although I only tested it with the timing light hooked up to the signal wire.
It's important to note that the way the coils are signalled is that the signal wire goes high (12V) to start the dwell period, and then drop low (0V) to end the dwell time and fire the spark. I suspect that my timing light was picking up on the rising edge at the start of the dwell period, and that the timing lights used by Nissan were probably designed to pick up on the falling edge - in which case the loop would work.