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Normally, three wires should be connected; the thick ones (battery and ground) and the 14 gauge "exciter" wire (which I recall receives power when the master switch is on to let the regulator know the switch is on). I cannot make it out on your pic but that thin wire does not appear to be...

I was basing my observation on PXL_20220311_135506617.jpg There is a big black blob on the top of the differential. I looked at it again and I cannot actually tell if it is oil. Maybe paint? Maybe just road gunk? Anyway...have a look. Might be nothing. Doing the seal there takes about 15 mins...

Exciting! The pics really do not show anything of concern. The rearmost pinion seal looks like it is leaking a bit. The chassis is super clean and rust free, as you said. For your own sanity, I suggest to split this into two separate projects: 1) the truck (engine, suspension, chassis, seals...