Have spent the last couple of weeks trying to figure out what cooked my starter. The starter was engaging when the ignition switch was in the run position. Replaced the ignition switch as it was getting loose and wonky, so I figured this was the most likely culprit. Big pain in the arse to replace and no love, still engaging from the run position. Started looking for places the yellow wire from the ignition switch (terminal 50) and the red/black wire (terminal 15) could be shorting to each other.
After much pain and angst, and some help from my buddy Larry, we found it inside the connector that fits to the back of the ignition switch. Check out the pictures below, it took 38 years, but the back of terminal 50 had rubbed through the insulation of the red/black wire. I feel lucky to have found it.