YES! YES it does! Beautifully.
I did this ByPass a couple of Years back & I can Confirm the effectiveness of this 'surgery'. I coupled that w/ the newer Voltage Reg, a 65amp Alternator & tracing/ replacing a lot of old connectors & some wiring. This car now starts, charges & sparks great.
Actually, I do need to do some more 'surgery' at the Bulkhead Connectors. THey really, really suck. I have run into some starting at speed & blown fuses for the Brake Light/ Rear Lights. That fix should be relatively simple, but will require some trackin' down the gremlins.
If anyone has some suggestions for Refurb'ing Bulkhead Connectors, I'd love to hear about 'em.