Okay so instead of continuing to ask these questions without proactively looking into how things work, I decided to do what I should've done from the beginning. So I studied the wiring diagram from the book, read several threads and I finally have a bit more understanding.
So here it goes and please correct me if I'm wrong:
From the REC, there's 5 wires - 3 YELLOW, 1 RED, and 1 GREEN
The 3 YELLOW & 1 GREEN go to the STATOR.
The 1 RED goes to the STARTER SOLENOID.
From the REG there are 3 wires - 1 GREEN, 1 WHITE, & 1 BLACK
The 1 GREEN goes to Ground.
The 1 WHITE goes to STATOR.
The 1 BLACK goes to AUX 2.
The 1 bright WHITE wire circled in the photo gets sleeved to the BLUE/RED (OIL PRESSURE) wire which then goes to the main speedometer gauge along with the GREEN/RED (NEUTRAL) wire and they both will get Grounded there.
The only thing that's bothering me is that I feel like I'm missing the link/wiring from the STARTER MOTOR to the STARTER SOLENOID.
******Edit to this last part regarding the starter motor****** I'm still trying to get used to the fact that not all black wires mean ground. After watching a few videos, it's now my understanding that the black wire that comes out of the starter motor is indeed meant to connect to the starter solenoid. Is that accurate?