Voltage regulator smoking?

Thank you for this info
I looked a little closer at all the wires and I’m beginning to doubt that it’s the voltage regulator itself since the smoke was coming straight out of the gauge cluster and the voltage regulator is on the other side of the fire wall but the regulator could be overcharging or something like that plus there is a after market radio and the wires are older than the Nixon administration and very unorganized I’ll send some photos thank you for all of your help