I hate to add another cook stirring the soup, but a couple questions come to mind as I try to follow the discussion. There are only three components in the starter load shed circuit, the start relay, load shed relay, and the starter.
If I was troubleshooting this problem, the first thing I would want to work is the Start Relay. Three tests here:
1. Turn ignition on and press start button. Do you get 12v from button to the terminal on the start relay? No, you have a button or wiring problem.
2. Does the Start Relay activate with 12v applied to the coil? No, there is a problem in the coil or the internal mechanicals of the relay. Open the relay and check for anything hanging up the contacts. Check the coil resistance. Is the coil an open circuit with infinite resistance?
3. If the coil energizes and closes the contacts, does the output of the relay go to 12v? Does the 12v show up on the starter? No, you have bad contacts or wiring.
The Load Shed Relay should be energized when the ignition is turned on. This is what makes the headlight, etc. come on when the key is turned on. The relay needs to be grounded through the starter motor. A couple tests will tell what the problem is with the relay.
1. Does the Load Shed Relay get 12v to the coil when the key is turned on? No, there is a problem in the key switch or the wiring. The key switches are notorious for going bad and needing cleaning after all these years.
2. When the terminal on the starter motor is grounded with a jumper wire when the key is on does the Load Shed Relay activate? No, there is a problem somewhere in the commutator or brushes in the starter motor.
3. What is the resistance to ground from that terminal on the starter motor? It should be almost zero, just a couple ohms. If not, remove the starter motor and clean the commutator and check the brushes. A bad ground here will not allow the Load Shed Relay to activate and prevent the motor from developing full torque.
4. Is the Load Shed Relay of the proper type? The contacts should be normally open with infinite resistance betwen them when the relay is not energized. If the resistance is zero or very low, you may have the wrong relay. Yes, it has happened. Don't ask me how I know. Open the case and check. Activate with 12v and watch what happens.
I am pretty sure that if you go step by step and correct any of the problems before going to the next step, you will find the problem.