Car starts without key!
Sorry for the long delay in posting.. I installed the new ignition switch yesterday and the problem went away. I would only get 12V to the yellow wire when the key was in the run position.
A few things I found while I was installing the ignition switch I thought might be worth mentioning. I found later that day, that the problem would intermittently come back. (12V at yellow with key off). Thought that the ign switch was faulty, but decided to do some more tracking.
I followed the yellow wire very closely from the bulkhead inside the cabin and found that I had a short to power on another wire, causing it to receive 12V all the time. I fixed that and all was good.
Another thing I found was that after the install, the headlights and 12v acc would only sometimes work. I decided to investigate the "welded splice" off the black ammeter wire, and sure enough made a better connection there and all is good.
Thank you so much for all your help!! I will be firing this freshly built 340 this weekend, now that I got my wiring situation under control.