So to simplify this. Yes you are correct.
The only, but important, downside to this scheme is powering an electric choke through the ballast resistor.
Factory '69 scheme is like this.
View attachment 1715945597
Probably the best place to draw power for the choke will be at the Regulator's terminal. That way the additional current for the choke heater will flow through wire J2 which is 16 gage, and not J2A which is I think is only 18 gage.
Factory location for the ballast was under the lip, protected from rain and snow.
See
here for illustration.
