Voltage regulator smoking?
I'm not sure what we are looking at on the engine.
The two resistors are a part of the 1970s era Electronic Control Unit (ECU) for the ignition.
Unfortunately when that was added, the factory wires and colors got changed, and one of those the Ignition Run wire J2 is shared with the to the voltage regulator. So you'll have to figure which wire that is, even if you don't touch the ignition.
I'm not sure what we are looking at on the engine.
The two resistors are a part of the 1970s era Electronic Control Unit (ECU) for the ignition.
Unfortunately when that was added, the factory wires and colors got changed, and one of those the Ignition Run wire J2 is shared with the to the voltage regulator. So you'll have to figure which wire that is, even if you don't touch the ignition.