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Yes, that is OK. Are the ends of the lead wire corroded or clean? If you have an ohm meter, check for continuity. You may have an open, if so replace the wire. Take the cable off the starter side of the solenoid. Hook up a test lamp or meter to that terminal. Turn on and off via the ignition switch. Power should come on and go off when you do the same with the ignition switch. If there is continuous power to the solenoid on the starter side, the solenoid may be stuck in the "on" position. If so, replace the solenoid. If everything checks out, replace the ignition switch.
You mentioned a site to that you found a wiring diagram. It is a good diagram but confusing due to it not being color coded. You may have to buy a color coded diagram. But the switch only has 7 wires coming off it so it shouldn't be hard to trace.
Good luck!! Because wiring problems are one of the hardest to diagnose and repair.
Thank you. I know it may be difficult to repair but I have the time, don't need the truck unless it's raining on my way to work and I am off for the next few weeks..
Thanks everyone for all the help.
Today I checked the voltages and was getting voltage across the "I" pole on the solenoid with the key on as expected but was also getting voltage across the "S" pole that should only see voltage during "start" position on the key not run.
I replaced the ignition switch ($6.99 at Auto Zone - plug in blade style) performed a post maintenance test using the volt meeter every thing functioned as expected. in "run" had ~7 volts across the 'I' pole on the solenoid and in the 'start' position had ~12.4 volts across the 'S' pole on the solenoid and it actuated giving ~12.4 volts to the starter (disconnected at that time). Buttoned everything up spun the key and she fired right up, can't imagine how relieved i was. I went ahead and replace the solenoid as a preventive measure (they are cheap insurance).
To summarize, it was my ignition switch causing issues by applying starting voltage in the 'run' position.
Thanks again everyone for the help in the matter as I have been frustrated with it for a few weeks now.