I'm in somewhat of a similar situation. '83 SC. My symptoms are classic alternator: Used multimeter and alternator isn't charging the battery. My alternator dash bulb never comes on (not even when iginition is in "on" position), but the bulb definitely works. I've taken the alternator out and getting it tested today.
Wiring is getting pretty old. First thing I noticed was the thick brown ground wire that was bare. Could this be the answer to my problem?
If the alternator test comes out good (which I think it will - it's 7 years old but only has 3,000 - previous owner didn't drive it much) my plan was to simply replace the ground wire and put it all back together.
But before I put it all back together I wanted to check the conductivity of the lines from the alternator to the dashboard bulb and the battery. How do I do this? I know I'll be using my Ohms meter, but which wire do I need to be testing? The thick red wire? I assume that goes to the alternator, and the blue goes to the dash bulb.