Ammeter pegged...
That's the voltage regulator.
Any time you see a 'P' part number, that's a later Direct Connection part sold by Mopar Performance.
No particular reason to use a p-part voltage regulator on a '72, probably was just convenient to buy it.
It's a solid state regulator. If it doesn't work, replace it.
Corrosion is not likely at the regulator terminals but pull the wire connection plug and look.
The more likely places for corrosion is the grounding - and its prob fine from the looks of it.
Oxidation and poor connections are most likely at the ballast resistor, at the bulkhead connector, as well as the field wire connections on the alternator.
The ballast resistor itself has nothing to do with the circuit. It just that the wire to the regulator is often joined to the ignition terminal at the resistor connection.
What I'm saying about the ballast resistor connections is that they look like this when the terminal is removed from the connector.
Only difference will be the one you are looking at will both be blue insulated wires.
Power flows in from one wire and continues on to the next wire, which connects to the regulator. It's also possible on a '72 the wire to the regulator is joined at another location. This where having a factory diagram for the year is helpful - and I don't have a '72.