I have a .5A draw.
Pulled all fuses one at a time 
Alternator and starter have been professionally rebuilt .
Replaced voltage regulator which I thought was the issue . It clicks when connecting the battery cable . Old one and the new one . It also gets warm .
2 bad regulators ? 
When I pull the field plug it quits

So my white 12v from the starter is intact . I have 12v at the plug for the regulator ( solid white ) I have continuity from the WB at the regulator to the WB at the field plug . That makes me think the regulator is not supplying the 12v at the plug .

It sounds like the voltage regulator. I ditched the externally regulated alternator on the 240Z so long ago, I don't remember if there was a clicking sound when I plugged it in (last replaced in 1995). On the 260Z I only unplugged it once and never plugged it back in. They shouldn't be getting warm, though.

The 0.5A draw is pretty strong. I bet it goes away with the regulator unplugged. 

It looks like you are running a points style VR. Have you opened it up and tried to adjust it per the FSM? 

  On 4/23/2022 at 10:24 PM, SteveJ said:

It sounds like the voltage regulator. I ditched the externally regulated alternator on the 240Z so long ago, I don't remember if there was a clicking sound when I plugged it in (last replaced in 1995). On the 260Z I only unplugged it once and never plugged it back in. They shouldn't be getting warm, though.

The 0.5A draw is pretty strong. I bet it goes away with the regulator unplugged. 

It looks like you are running a points style VR. Have you opened it up and tried to adjust it per the FSM? 

I thought about ditching this older style with an internally regulated style - but his electrical needs were so low . 
what’s the chance of having two bad regulators - that’s what’s weird . 
I don’t have a FSM . Maybe see if my Hanes has any info . 

Any chance it's the alternator?  It's the other "new" part.  Not sure what the path would be.  Unplug the T plug and see what happens.

  On 4/23/2022 at 11:53 PM, Zed Head said:

Any chance it's the alternator?  It's the other "new" part.  Not sure what the path would be.  Unplug the T plug and see what happens.

The drain stops when I pull the T plug . I can make the regulator click by removing and installing the T plug . 

  On 4/24/2022 at 12:45 AM, madkaw said:

The drain stops when I pull the T plug . I can make the regulator click by removing and installing the T plug . 

That would tell me there's a problem with the alternator.

  On 4/24/2022 at 12:49 AM, SteveJ said:

That would tell me there's a problem with the alternator.

Well back to the shop with it