Now that I have a better understanding of how all these componets interoperate, I replaced the alternator today. I had checked the wires from the alternator to the regulator and they all matched up to the wire diagram I found on the web.

After getting the new alternator installed and then connecting the battery back up, I was pretty excited to turn the key and check the voltage. To my suprise though the car had an old alarm system installed and it started going off. It disabled the ignition (I can only laugh) and I could not get it to turn off. So I am in the process now of tracing all of the alarm connections and will be ripping it out. Since it has ties into the ignition I plan to take my time and step through it.

If anyone has any real good wiring diagrams for a 68 I would really appreciate them, the ones I am using are a little hard to read.

Since I have never heard a peep from this old alarm system before something tells me I am on the right track and replacing the alternator was a good step. I suspect this alarm system may be the culprit causing the battery drain I was seeing yesterday with the regulator.