Flickering or pulstating Headlights

Let me make sure I understand:
Removed the triangular plug connector at the regulator.
Turned the key to Run. engine off, and measured a voltage drop from battery positive post to the connector.

Is that right?

Also Where is the Mallory connected to power ?

Well it seems to be all fixed now but... no I left the connector plugged into the regulator and measured straight into the blue wire (punctured it with my pointy multimeter leads) and got 1.5 volts with the key turned to Run position with the engine off.

The Mallory box has power leads going straight to the battery terminals and gets an Ignition On signal from the blue wire that used to go to the coil positive on the old factory points setup.