Battery fried and more

The old "points" type is no improvement. There might be LESS current in the ground path, but the thing is ANY (even old generator) regulators must be grounded, as that is part of the voltage sensing circuit.

On a V8 a simple way to add a better ground between engine and body is to buy a short "starter" cable (eye to eye ends). Bolt to the rear of the driver side head, "U" the slack down, and bolt to one of the master cylinder bolts.