62 Valiant 200 / 170 cuin /6 - Odd smell - then dead battery

One possibility that does concern me. That's a short to ground.
Without the ammeter, and with no fusible link, there's no way to know and there's no protection.

Might want to disconnect the battery, then measure for any connectivity between the positive wiring and ground. That would reveal a serious short to ground.
A more detailed investigation which will catch smaller leaks is outlined by 67Dart273 in post #14.
There is 12 v on both sides of the regulator...I am going to try bypassing it as you suggested...