Yes, it is what they refer to the proverbial 'hot wire'... Don't run it that way for too long, you'll fry your points up... The resistor wire is pink, and runs from the rear of the ignition switch to a 6 pin plug near the firewall under your hood. If that is bad, NAPA does sell a replacement wire, or you can run a new wire and use an external ballast resistor, or switch to a pertronics conversion kit (recommended). The pusling 10 v ways that something is wired wrong, and probably is a common mistake suffered by ford guys for years. the clicking is coming from your voltage regulator, mainly due to the wires on you solenoid connected to the wrong terminals. BTDT... go to
Home Page - The Old Car Manual Project, and go to the manuals section to see a diagram. The wires around the solenoid should be looked at... Before tearing into the wiring too far, check ALL of the ground wires. A bad ground can do wierd things. There should be a wire to the block, of course, plus one to the fire wall from the block, and it does not hurt to run one to the dash frame and voltage regulator. Let us know what you fing, HTH...