Farmall 450 Wiring

Does this wire need to be connected somewhere. I came across it today when putting on the new alternator, and was wondering if it is supposed to be connected somewhere. Also, do I need to do anything with the silver bolt on the bottom left. Thanks
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In the top pic the device(resistor) you are looking at is bypassed. Is the coil 12 volts? if it is it is OK to operate. If not(6 volt) the purple wire goes to one end of the resistor and the loose wire goes on where the purple wire was. The bottom pic the bolt is for an extra ground if the alternator is rubber mounted.
 
Looks to still have points in distributor so wire from switch should go on the other resister screw and the short wire to coil where switch wire is now. With a negative ground with alternator the short wire from resister should go to + terminal on coil. - on coil to distributor. Since the resister is bypassed now you may want to make sure it's okay. Don't need the bolt for charging.
 
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