KG, thanks for all your continuing advice and step by step instructions. Here are the (as of yet unsuccessful) results of tonight's testing:
I confirmed that the engine side of the main bus is good, with no drop in voltage between the output of pin 6 and the ALT orange output. So, I got to testing the front end. Remember the symptom that I'm looking to see change is the drop in voltage when I rev the motor. (I noticed tonight that the voltage will stay around 12V when starting, but will j8ump to 14-15V once I rev the motor once, and then will stay there. But if I rev the mnotor again, the dash gauge and multimeter show a drop of ~.7-1.5V. Just want to make sure that is not normal, so that I'm not chasing a phantom problem.)
1. Removed the key switch again, and confirmed that the voltage on the power lead was roughly the same as at the ALT output of the same color. With motor running using rmeote rig, same result.
2. Added a 10gauge wire direct from Battery- to the ground bus up front (to try to rule out a faulty ground somwhere along the run) - no change in the problem symptom.
3. Started chasing the purple wire, by disconnecting at tach and other gauges, and trying to find the one that leads back to the engine. My Clymer manual has a full wiring diagram of the engine wiring, but doesn't seem to have a diagram from the dash. And, the wiring is all bundled and I'm having a bit of trouble tracing the underdash wires. But the strange thing is that I found +12V on some of them, and open circuit on others. That got me to thinking that I first need to understand what the purple wire does. I know that on the ALT when runing, I see a +12V (or more, usually a full 1V below Orange). So I was up front looking for a hot lead. But, when I remove the key switch from the circuit, all the purple lines are dead. So as I think about it, does the circuit work like this: key switch to "on" connects the purple lead to +12V, powering all the gauges and sending (what I assume is) a +12V to the field circuit of the ALT? If that is correct, then I assume that the purple wire "originates" at the key switch, runs to all gauges, then runs to the run/off switch in the throttle, and then back to the motor. That would explain why one can turn the run switch off and kill the motor without turning the key off or shutting down the gauges. That should get me through your test, to determine whether the gauges are the issue. Then I can start disconnecting them in series...
Assuming I have that right, the plan tomorrow will be to do a continuity test between the purple lead on the ALT to the purple leads at the switch. I'll see if I can find the lead that will send power to the motor but not the gauges. I will probably also have to unbundle the whole mess in order to visually trace.