I think I figured out what those wires are supposed to be....a voltage regulator! It all makes too much sense now. A friend of mine was just trying to figure out why my new alternator was blowing a fuse and said that i should replace my voltage regulator because my old alternator was 41 years old, and assumed that the regulator wasn't changed either. Turns out that I don't have one!...but I'm supposed to. I need to wait a few days for the part to come in and I'll post pictures. I have done a lot of replacing of old ignition parts and the likes trying to resolve many car issues, and I think this will be the biggest improvement to date!

Finger’s crossed mate! 

Cheers 

Bennie

Hey y'all, so I got the new voltage regulator and installed it! I have a question about the loose black wire with the female bullet connector and it's purpose. I don't know what it connects to and what it's used for. Also, because I installed the proper part into the car, the fuel pump isn't getting power, any ideas? The two pictures below are of the voltage regulator (left) and the hack job of previous owners (right). Any help would be appreciated! I tried looking at the schematic and it's isn't very clear