This is bad right?

[06Daytona]

While I was playing around with my distributor I decided to check all the wiring from back when the electronic ignition was installed. The 'turn 5 wires into one' connections were in pretty bad shape so I cleaned them up and it seems to have helped a little more. I noticed what looked like water running down from the back of my voltage regulator so I decided to pull it off and take a quick look.
I think I'll be replacing it too.

[72rtchallenger]

yes replace it,,

[06Daytona]

It's even one of the few parts that Auto Zone has in stock in my city. They don't carry a lot of my stuff in stock so I'm changing the stuff that's in stock before I start special ordering bits.

[the_engineers]

Grab an extra...they go out more often than you might think.  Get a spare voltage regulator, too.

[06Daytona]

They only had one in store, but they said they'd get another one soon. Now I just have to check and fix loads of wires around the engine. I think the black paint they used on everything is slowly eating the insulation on all the wiring. There seems to be a few cracks appearing on some of it and a few of them have  broken at the connectors

[Moparal]

Thats your voltage regulator. If the wires going to it , it will keep it from charging the battery

[72rtchallenger]

They only had one in store, but they said they'd get another one soon. Now I just have to check and fix loads of wires around the engine. I think the black paint they used on everything is slowly eating the insulation on all the wiring. There seems to be a few cracks appearing on some of it and a few of them have  broken at the connectors

your engine wires are probably cracking due to the heat of being close to the engine,and age,,safe bet is to get a new engine harness,if you cant afford that ,,just make sure u solder your splices  and connections and make sure of good connections at the bulkhead plug