weltertm,
The charging system supplies power through the BATT terminal on the voltage regulator to the - side of the ammeter.
Voltage is then routed through the ammeter + to a common lug on the starter switch where it connects with the large battery cable and allows the system to charge the battery, and pull power from the battery.
According to the wiring diagram, the horn is tapped off the ammeter + too.
The ignition switch and any load such as the light switch and connected to the - side of the ammeter.
The ignition switch, which is connected to the ammeter - has one of its other terminals connected to the ignition coil. When you turn the key ON, this power flows to the coil/points. A second wire goes to the fuel gauge to power it when the key is ON.
Does this make sense. There is a '48 online wiring diagram that you can blow up and see pretty clearly. It covers the stomp starter as well as the solenoid starter so you have to cull whatever wiring doesn't pertain to your truck.
Just remember that the ammeter sits smack dab between the battery and the generator. As power flows from generator to battery (- to + on meter back) the gauge will read a charge. When the truck isn't running and you turn on the headlights, power would flow from the battery to the lights. This is the reverse of a charge and the ammeter would read discharge (+ to - on meter back).
I'll stop now before I confuse myself.
http://chevy.oldcarmanualproject.com/electrical/wiring/pdf/48truck.pdfStuart