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here's what i've run into... i took three trucks and made one. body and rear half of frame is a 75 supercab 2x4 that had a 429 in it, front part of frame and tranny and 390 came off of my 76 4x4 that burnt(interior complete loss, exterior right side paint and tires.... all wiring under hood was intact and unharmed) and the axles came out of a 78. the 75 supercab wiring under the hood was a nightmare, it had more wires around the starter solenoid then the other 2 trucks combined. so with a whole lot of help from a pair of side cutters and a haynes manual wiring schematic i was able to get it running only to find out that it didn't charge the battery. so back to the haynes manual and all the wiring harness's from all 3 trucks... found the problem and its charging now. but it fluxuates between 14 and 18 volts, which causes the headlights and dashlights to look like a disco ball. tried all 3 voltage reg's, all do the same. i know that the one from my 76 was good.
Run a jumper wire from the negative battery post to one of the regulator mounting bolts and see if that changes anything. Does this truck have an ammeter or an ALT light? We need to ohm out the harness.