Thanks for answering while I was testing and composing my brilliant reply, Bill. I could have saved some time by just waiting for your post.
So, based on your answer, I think the heavy red wire that belongs on the "BATT" terminal being connected to an accessory terminal was the problem.
The diagram I am looking at is in the _1958 Chevrolet Truck Shop Manual_ There is a totally different diagram for a V8.
Last edited by Kwangtzu; 04/10/2009 4:08 AM.