it is not likely to be a component.
it will be a connection.
that wire goes to the giant splice on the wiring diagram, then into the bulkhead connector, which is the most likely problem.
then it goes inside to the ignition switch, not sure if it is column or dash mounted. column mounted means another connector at the base of the steering column.
the ignition switch.
then back to the amp meter
then back through the bulkhead connector which could be the problem too, or combination of in and out.
then to either another common hot or to the battery.
you will also need to validate the grounds give you the same voltage. using the battery neg post and vr body. which you did earlier so you should be good. but just be careful using whatever is closest as a ground when you are inside vs in the engine compartment.
and you will have to do this with the key in the run position for power.
careful not to zap anything.
when you split the bulkhead connector you will probably see the corrosion.
So the red wire from the VR goes into a splice of 8 wires! One goes to the alternator, one goes to the VR, one goes to the diagnostic connector, one goes to the ignition control module, one goes to the oil pressure switch, two go to the ballast resistor and one to the bulkhead connector... All of those wires and connections seam good! I checked them all for continuity(the little buzzer setting) and all seam good...
The bulkhead connector is super clean and the only corrosion is with the wire that runs from the bulkhead to the transmission backup lamp switch and that works fine!
I checked the voltage of the wire in the bulkhead running from the splice with the key ON and it reads 11.3v(firewall side) while the battery reads 12.6v... The voltage of the same wire at the bulkhead on the inside with the key ON reads the same (11.3v)!
I'm going to follow the wire fron the bulkhead up into the steering column and see what I find! I'll be back!
I SEE THE PICTURES UPLOADED WERE TURNED 90° AFTER UPLOADING THEM SO IF YOU FOLLOW THE CAPTION WITHOUT NOTICING THAT DETAIL YOU WONT FIND THE CORRECT CONNECTOR! PLEASE BE MINDFUL OF THAT DETAIL!
Btw the ignition switch is in the steering column and I replaced it and the harness a few years ago...
