Yes it's a ballast resistor, but only one is needed. The wiring to one of them may be bypassed if it's bad. If both are connected you won't get a usable spark.
Disconnect the one on the distributor side of the coil and reconnect the distributor/points wire to the '-' terminal on the coil.
Use a voltmeter to check the two resistors from the engine for approx 7v / 9v thru them and use the one you like.
FYI, some resistors can have an intermittent connection caused by loose or rusty rivets holding the terminals.
The 'run' position power wire from the ignition key switch connects to one terminal of the ballast resistor, the other terminal on the ballast resistor connects to the '+' terminal of the coil.
The 'start' position power wire from the ignition key switch connects to the 'S' terminal of the starter solenoid. (photo below)
The other end of the wire on the 'I' terminal should be connected to a terminal for the '+' side of the coil.
If your large battery and starter cables are reversed to what's shown in the diagram that's ok, the solenoid is a switch and those main power connections work the same either way.
Just get the 'S' and 'I' terminal wiring correct.
