I didn't get the whole checklist done yet, but removing the battery lead from the Voltage Regulator confirms that the VR is the source of the discharge. Where does that current go? Into the generator windings?
A quick look at the wiring on the firewall appears to be ok. Will have to spend more time checking in detail and continuity testing (all the color coding is long gone).
Didn't see anything that looked like a ceramic ballast resistor on the firewall. Can't post pics from my laptop, will see if I can upload from my phone