Your previous post said that "with the alt the load goes away".
Disconnect the pos. battery wire to isolate and prevent arcing
Set yiour meter to ohms and put one probe on a good ground or the neg bat terminal preferably and the other to the following three locations:
1. alternator case
should be 0 ohms
with the alt two wire connector removed;
2. left terminal in alt
should be infinity ohms
3. right terminal in alt
should be infinity ohms
You problem sounds identical to one I had in my 67 several years ago
A new alt at AZ should only be about $45 and a new VR is about $15. If your current alt and VR are the originals DO NOT GET RID OF IT.