Yes. Then it would run.
If you connected the alternator directly to the battery, and put the kill between the battery and the junction to feed the system, the kill would work - no power to ignition - engine doesn't turn - self feeding alternator doesn't turn.
I don't know if it would meet NHRA. I know someone who made a similar arrangement (but standard alternator regulation) that was apparently OK with the vintage road racing association he was running in. I dont recall the details and I dont think I want to.
The disadvantage of a one wire so far away from the main splice is the resistance. The alternator thinks its producing at say 14.3 Volts (which it is) but at the (headlights, ignition, etc) voltage may be lower. It will be worse with lots of things running and the battery recharging. It may be barely measureable if at all with the battery recharged and driving with no extras running. Size the wires for the maximum electric load and distance and should be alright.
