Looks like you have a 75 with a 351W (please update your profile with pertinent vehicle information, and City/State you live in).
In a stock harness (non-molested) with the key in ON, the GR/RD wire gets 12v.
There is a RD/YL wire spliced to it to activate a "carburator valve control solenoid". If your Bronco has this circuit, it should be near the carb, and could be used to controll choke heater.
There is also a BL wire spliced to it to power the Duraspark II control module, another source for choke heater.
Both of these splices are labeled S-203 on seabiscuit68's attached schematic. The splice(s) are probablly somewhere in harness between ignition switch and fire wall? Not sure how the 75 routed these wires to engine compartment.
The GR/RD wire then goes thru a connector, C-206, before continuing out to voltage regulator plug.
My guess is that C-206 is a bulkhead connector, but my foggy memory says the the 75 does not have bulkhead connectors?
As DirtDonk points out, you need to figure out why you only have 0.3 volts on GR/RD wire, as other components may not be happy.