62 Valiant 200 / 170 cuin /6 - Odd smell - then dead battery

key in run voltage at these three connections should be the same.
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Engine off, it should be battery voltage.
Engine running, they should be alternator's output voltage.

If the alternator and the battery measure 12 Volts, and the J2 connection at the regulator is 10 Volts, then measure voltage at the J2 connections leading back to the key switch. If those are all 10 volts, then measure J1 (power in) at the key switch. Keep going back until you find the drop.
If the engine is running, go back to the alternator. If the key is on but engine is not running, then follow the wires back to the battery.