So in case anybody is curious...
I went over to @lefty7126's house today. We tested for continuity between the fusible links holder and the negative cable of the battery. Unfortunately, as I suspected, we found continuity. I moved down to the shunt, unplugged it, and found continuity between the downstream side (away from the fusible link) of the wiring harness and ground. I traced through the wiring diagram for the white/red wire, and we continued to diagnose. First we removed the connection to the alternator. No change. Then we removed the C-6 connector on the engine to dash harness. Still no change. Next we disconnected the C-5 connection. That broke the short. There are two white/red wires on C-5. One goes to the ignition switch, and the other goes to the headlight switch. I disconnect both switches. Each end of both wires had continuity to ground. That was our stopping point for the day.
Lefty's dad is going to pull the dash, and I'm going to return over Labor Day weekend. I believe the dash was out before, and maybe some wires got pinched on the re-installation. It's always good to meet a fellow enthusiast who is willing to get his hands dirty.
@Jeff Berk, I looked at the build date of the car. It's 10/74, making it a "late" 260Z. Some components were rearranged from the early 260Z. The split-loom in the photo actually covers AC lines. There are some other wiring issues to sort out in the car, and those will be easier to deal with once the dash is out.
The car looks to have good bones, too, so it should be a good starting point for Lefty's projects.
@Pat Carr, we ended up going to a great no-name restaurant co-located with a Mexican grocery store.