MSD wiring

Big black..........ground
Big red..constant hot
Small red is like a relay trigger. It must be hot BOTH to start and to run

Your KEY SWITCH is the "key." The "run" line goes DEAD in crank
the bypass (usually brown, IGN2) comes from a separate contact on the switch and originally went to the end of the ballast which hooks to coil+. Hook the IGN1 and IGN2 coming from the key together and connect to the MSD "small red."
That same connection also feeds everything such as VR, alaternator field, etc. I WOULD TRIGGER A RELAY rather than leave the loads on the key

No longer a ballast resistor in the ign circuit and a 1 wire alternator.