Voltage, Regulator, Coil, Ballast, MP Electornic Ignition, Standards.
With Key in the On position (Not Running)
Voltage between battery+ and Voltage Regulator Blue Wire: 1.3v
THIS tells the story. You have a 1.3V drop between the battery and the "run" buss
The path you are measuring here is:
battery -- fuse link -- bulkhead connector -- ammeter circuit -- ignition switch connector -- through the switch -- back out the switch connector (blue run wire) -- back out the bulkhead connector and to the
key side of the ballast
alternator field
regulator IGN terminal
electric choke if used
distributor retard solenoid if used, and maybe some other smog doo dad
What happens here is that the regulator IGN terminal is not only regulator power, it is the SENSING lead for the regulator, so it ADDS that 1.3V dropped reading to it's own (possibly correct) set point
ADDITIONALLY you could have a poor ground at the regulator. To check that, get the car running, bring RPM up to simulate "medium cruise" and stick one probe on the battery NEG, the other probe directly on the regulator mounting flange. Be sure to stab through any chrome, rust, etc. Again you want a low reading the lower the better, and zero is perfect