Jim, I just looked at my 66 GS wiring harness....
The thick red wire runs from the alternator to the fuse box terminal. There is also a thick red wire from the fender-mounted junction block.....it is spliced into the first red wire approx 11" from the fuse box.
So in effect, that thick red wire has three terminals...one at the alt, one at the fuse block terminal, and one at the junction block.
Maybe that answers your question?