At the risk of not being very helpful. Recently, after the car had been sitting a couple of weeks while getting an injection pump and fueling issue sorted out, the charging light wouldn't go off when i revving the the trucks engine. Nothing had been changed with the electrical system except the ignition switch had been replaced several months before without any new and/or associated problems cropping up. It took about 3 miles of driving before the light went off, something it had never done before and hasn't done since. The truck already had the alternator case grounded to the battery directly (like the starter). i might have missed it but am not sure if you have been able to take the car for a short drive?These cars do strange and un-explainable things; it can get a bit crazy. May be put the light issue on the back burner, relax and watch a game or two, till you can drive it around the block a couple three times?
This voltage on the blue wire sounds all wrong. I was under the impression that the exciter wire was only providing voltage when the alternator is running. Not with the key off. Sure sounds like something is fouled up with the blue wire. Shorted to ground from mouse chewing? This makes me want to pull out the voltmeter and go pop the hood on my 81 for you but the sun just set and I would only have 15 mins of daylight left. Not enough to really get started as I don't have a garage space to work in. Maybe tomorrow if it is sunny.