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I just fixed the exact same problem on my 74 280c
I had a bad diode. I picked up a rebuilt distributor and swapped them. before that, I just tried swapping the voltage regulator, but it didn't help.
-CTH
PS. Be VERY careful with that positive wire. First disconnect the battery. Short that wire to ground, or have the wrench touch something and the results will be very messy.
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