Chris,
As it is only #3, I would replace the distributor cap, rotor, the HT
lead to that cylinder and the spark plug.
Something as simple as a cracked plug could be causing your misfire,
yet show a spark against the engine block in the test you undertook.
The HT lead may show continuity at 12V, but fail to deliver high volts.
The rotor or cap (most probably the cap) may have a failure or a
carbon 'hair' stealing your spark.
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