[the82elco]

So today i was working on my elco and i came across a burnt up starter wire as i was about to replace it i came across a wire that was cut & just laying next to the other wires that go to the starter. does the wire with the arrow need to go to the starter
TOP 3 WIRES WERE CONNECT

 

[EOD Guy]

Old point/coil systems use 3, new HEI version use 2.

There is a purple wire running from the ing switch to the "S" terminal on the starter and supplies 12v to make the soleniod trip and the starter turn.

The large battery cable

A white/yellowish wire running from the "I" terminal on the starter to the coil and provides a full 12v to the coil while cranking....... it's not neded on HEI systems

There may be others wires tapping off the battery cable stud but has nothing to do with the starting system

 

[ogre]

There may be others wires tapping off the battery cable stud but has nothing to do with the starting system

you do have a 2nd big lug wire, eod guy pointed out that it has nothing to do with the starter/ignition.
it may be your fuse block feed or alternator hot wire depending on how butchered the original harness is

 

[poncho62]

In those years, the main accessory feed came off the starter lug.....and plenty of them rotted off.