We may be, and we may not be.
The wire from the alternator stud goes thru the bulkhead connector onward to the ammeter, then the other side of the alternator comes back thru the bulk head connector to the solenoid and on to the battery.
But, the alternator has a pair of field sensing wires on them that tell the alternator how hard to charge. The dark blue wire goes both to the regulator on the firewall and also to the bulkhead connector and onward to the igntion switch. This blue wire feeds several things.
As you had a pretty good drop going to the battery, you can start by rigging a jumper from the alternator stud to the positive side of the battery. After you do this, check the voltage and see if it has come down to a more reasonable range such as 15v. If it does, or does not, then go to the dark blue field wire and check the voltage on it. If it is reading much lower than the voltage at the battery, try adding another jumper from the battery, temporarily, to this wire...it goes to the ballast resisitor as well so you can clip on there...this does not need to be a large gauge wire like the jumper from the post to the positive.
In my case, I had a voltage drop in this circuit as well as the the main feed off the alternator.