I would try to get the voltage to 7.2. Pleased that you had success. Originally, you mentioned a drain on the battery and I suspect that is caused by the wire to the gas and oil gauges being connected to the battery side of the ignition switch. Using your voltmeter, digital or analog, and with the ignition switch off, find the hot lead to the switch. That lead should be the only lead connected to the post on the switch. If there is another lead connected with the hot lead on the same post that extra lead needs to moved to post 3. Let’s say the hot post is the power lead from the battery and call that post #1. The next post is #2 and that lead goes to the ballast resistor. The next post is #3 and that should supply the gauges and if you find an extra lead on post #1, move it to post #3 - hopefully that solves your problem. If post #1 has only one lead that has power voltage, then I do not know what is causing the battery drain!!!??? When shutting the ignition switch off, do the gas and oil pressure guages drop to zero? On two different occasions I have experienced gauges connected to the power side of the ignition switch resulting in battery drain.
Nice working with you - enjoy your 39 Ford - still some bright and sunny days ahead.
Bill