Modernized Engine Wiring

So why not just a straight up shunt? Why piss away .7v in a diode that can fail?

B.

Actually, a shunt "pisses away" some voltage. The Ferds and Chryslers I've worked on actually used the narness itself as the shunt. In other words, the "ammeter" was actually measuring the voltage drop across the charging harness. This means you cannot "upgrade" the harness to a larger size without making the "ammeter" ineffective, something that many of the Ferds suffered from, anyhow.