I still have to do the tests recommended by 1967gtasanjose. I did some tests on the horn system thinking that would be the easier place to start. I did some horn tests recommended by a member of the vintage mustang forum. Bottom line, I have low power everywhere with a new voltage regulator, what seems to be a new battery(just bought car) but I am missing main ground from engine to fire wall while engine starts great. I got the following results:
With battery disconnected, disconnect both horns, then temporarily install a jumper wire from one horn connector to ground. In the car, measure resistance of the horn contact to ground. Then move the jumper wire to the other horn connector and repeat the resistance measurement. Lastly connect the meter leads together and provide that measurement. Report back with all three values. I would expect all three to be near zero. FEMALE HORN CONTACT WAS GROUNDED THEN RESISTANCE CHECKED BETWEEN HORN CONTACTS IN CAR. DRIVER SIDE 28 OHM, PASS SIDE 36 OHM. NOT GOOD. METER WAS 0.
Next I would move to a functional test. Battery installed, one horn installed (including being bolted in place which provides the necessary ground path), and use the device of your choice to safely make the horn contact make. While the horn is blowing, have a second person measure the voltage at the other (disconnected) horn terminal. This will tell us the voltage drop up to the horn. Repeat for the other horn. Report back with both voltages. WHEN PASS BLOWS, DRIVER 9.7 VOLT. WHEN DRIVER BLOWS, PASS 9.6 VOLT. NOT GOOD.
Lastly install both horns and engage the horn contact, making sure that both horns blow. If you can get a probe in an exposed part of the terminal at one horn, while it is connected, it would be nice to know what the voltage is when both horns are energized. This would be the final test, and give you assurance that you can put it back together. 8.3 VOLT AT PASS, 8.4 VOLT AT DRIVER. NOT GOOD.
Given the other issues you have had, I would also test headlights, driving lights, turn signals, emergency flashers before installing the steering wheel. These would all be functional tests, and would validate the steering column switch, wiring, flashers, etc. NEW STEERING HARNESS 11.6 VOLT AT HORN CONTACTS. BATTERY 12.24 VOLT AT REST. WHEN HORNS BLOW, 8.9 VOLTS AT PIN IN CONNECTOR PLUG CHASSIS SIDE BLU/YEL, BUT ONLY WITH A SHARP PROBE SO QUESTIONABLE CONTACT. CHECKED VOLTS WHILE RUNNING LIGHTS ON AT TAIL LIGHTS. 8.6 VOLTS ON RIGHT, 6.2 VOLTS ON LEFT.
Problem seems to be low voltage everywhere. Battery seems new but maybe should replace? Just replaced voltage regulator with no change. I see no ground strap between engine dip stick and firewall, but engine starts right up. While I was doing these tests, got a new problem. Connected the battery and suddenly had no turn signals or emergency flasher, but had headlights. Disconnected it, reconnected it and flasher/turn signals worked again.