Testing alternator and excessive AC ripple?

I’m assuming that’s the positive powering the ignition coil?
At the coil the blue wire is on a side branch of the wiring and any current has passed through the ballast resistor. That resistance to flow drops voltage at the coil every time the points are closed.

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J2C is the ignition feed with key in run.
Easiest places to clip on or back probe are at the ballast resistor, the field terminal and at the bulkhead connector, in that order.