Yes, with the voltage dropping that low, it would indicate a problem with the ignition switch, wiring, ammeter, or fuse / fuse holder. Something (bad switch, poor / corroded connection, etc) in the circuit is adding excess resistance and causing the voltage drop.
To narrow in on the problem area you can take voltage measurements at other points in the circuit. Say for example, you measure full battery voltage on the ignition switch "B" (battery) terminal, but get the low voltage reading on the "I" (ignition) terminal, that would indicate a problem with the switch itself. However, if you're also seeing the low voltage at the "B" terminal, that would indicate a problem somewhere between the switch & battery (such as the fuse / fuse holder, ammeter, or bad connection in the wiring).
And yes, you can temporarily bypass the ignition switch & tractor wiring by running a jumper wire from the positive coil terminal to the positive battery terminal.