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

OP needs to take a step back.

IDENTIFY the circuits tied to the "ignition run" (IGN1) line. IS there a heavy load causing a heavy draw? A short? Or is it some other problem, like ?? bad coil, who knows.

Stop micro analyzing the charging system. You evidently have a older grounded field alternator (one field wire) This is a SIMPLE circuit

Look up in the SERVICE MANUAL. Perform a ROTOR CURRENT DRAW for the alternator, even if estimate. In other words jumper power into the field terminal, measure current draw. Is it somewhere in reason? Start the car and see if it charges, and with RPM, charges full output. Watch the voltage at battery when doing so

If this happens, and not when normally connected to the VR, then replace the VR

VR: MUST BE GROUNDED

IGN terminal to "ignition run" IGN1 circuit, the F terminal to the field. IT DOES NOT get any simpler

CAVEAT!!! It is a VERY common problem for VOLTAGE DROP in the ignition circuit to DROP voltage to the VR, causing it to OVERcharge!!!

The car/ engine should run JUST FINE for HOURS with the VR disconnected. Does it? Does the problem you are having go away? No? Then the alternator VR is not the cause of the immediate problem