Voltage drop
Measure the voltage drops directly.
In other words place one test lead on the power source, and the other at a connection downstream..
A 1971 factory voltage regulator will try to maintain system voltage around 14 Volts.
Yes measure drop to the relay, but also measure drop to regulator.
The problem could be the wiring and/or it could be the alternator's capacity has been maxed out at whatever rpm you are testing at.
When the alternator can not produce sufficient
power for the demand (Power = volts x amps), system voltage drops. Then the battery becomes the highest voltage power source. But its output voltage will also drop as power is sucked out of it.