HOORAY!!! I think I have Wet Foam

Thanks Tim, That's why you are a Grand Poobah and I never will be

Wes, it looks like a brand new boat, great job!

Wes,
Take it in and get it checked. Also ask the shop about the diode. Yes, there are diodes creating the full wave bridge rectification but that's for the output. Don't forget there is also a excitation from the regulator back to the alternator. BTW, don't take it to Autozone or any auto supply for that matter. You want to go to a good "auto electric" shop. In fact, it would be a good idea to take the regulator with you.

Having gone through the foam removal thing some years ago, I have some suggestions.
Don't try to re-foam the boat with pour-in-place foam. It doesn't contribute much to structural rigidity. If you want flotation, either buy blocks and cut to fit or, I don't thin the pool noodles are not a bad idea. I have no idea what the durability of those would be. The only downside I found was that the hull noise from the water is a bit louder without the foam.

Don't try to put the glass over the bilge with thoughts of sealing out water. Water will get in no matter what you do. Build a good support frame for the plywood floor and upsize the floorboard pieces to 3/4" plywood. If the boat currently has the glass pan type floorboard in it, junk it and replace with the plywood.

The USCG requirement for flotation in those days was (and I think still is) that when submerged the boat must not sink completely to the bottom. Meaning that as long as the bow light is still showing above the surface, it's legal.

Having said all of that, I did sink my '65 Ski to the bottom one night after removing the foam. I put it the lake, tied it out, and left the lake. About midnight I woke up and remembered that I had not put the plug in. Pulled it out, took the starter, alternator and voltage regulator off and put them in the oven on "warm" with the door open, and had it running within 12 hours. Of course changed oil and trans fluid. Surprisingly, there was no water in either.