[cubfixer]

Try this: Using the voltmeter (VOM) or digital volt meter (DVM), with the key off, measure the resistance between the two battery cables (with the battery out of the circuit). It should be infinite ohms. If it is zero ohms, then you have a dead short, which will smoke your battery. Look for a wire shorted to ground somewhere (possibly the positive battery cable rubbing somewhere against the frame or other sheet metal). When you turn the key to the run position, you should get zero ohms possibly to the points being closed. Turn the engine by hand and see if the short opens up. This may be OK. I don't know what the regulator will do to your reading. Just look (or smell) for smoked or crispy wires. Could be the battery, but I doubt it. You will need a new battery, so when you hook it up, look for hot or smoking wires with the key off, and then turn the key on (but do not crank the engine until you are sure the wires remain cool). The battery should not spark when you put the battery in with the key off. If it does, you have a dead short, which will have to be fixed before you attach the battery terminals wires.

Good luck!!