Voltage regulator smoking?

You have been given great advice from some knowledgeable members here.
I just rewired my 64 Valiant this summer. With the help of a friend. It was really easy.
It looked about what you have. 60 plus year old wires, that god only knows how many shade tree mechanics had their hands in.
I bought this setup. Under $500.00 if you have that much to invest. Simple as he'll to follow, and they answer any questions you have and walk you thru them.

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