"Can I run a wire from the alternator over to where the regulator is and use it as a junction to the wiring loom?"
YES, the wire that's attached to BAT on the old VR is what leads up to the battery and/or ammeter if so equipped and is where the big main output stud on an alternator would be wired.
NOTE when I make such an upgrade if not already there, I like to upgrade that wire to at least 10 gauge.
"I was thinking about disconnecting the field and arm wires, leaving the "bat" wire attached to the regulator and putting the line from the alternator under the same screw with a crimp on spade. This way all of the wiring would be fed the same as it always has."
WORKS FOR ME subject to the upgrade above
"My question is whether having only the battery terminal hooked up at the regulator could cause a parasitic draw?"
If alls well in the old VR ??? that shouldn't create any parasitic draw. The VR's BAT terminal doesn't electrically attach to anything until such time the Cutout Relay closes which shouldn't ever happen in your case.
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Today's Featured Article - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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