Yes, that's correct. The '66 Amp gauge is simply a voltmeter connected in series to measure voltage drop. If the alternator is charging and the current is flowing INTO the battery the needle swings to the C side. If the alternator is not keeping up with the load and the current is flowing OUT from the battery the needle swings to the D side. Most '66 Ammeters crapped out a couple years after the cars were delivered. There are internet articles on converting it to a voltmeter, or you can replace it with a new reproduction or an aftermarket gauge.