I was thinking about replacing the screw in steel plugs with aluminum plugs. Getting the crank cleaned up and thinking maybe lightening up a little.
Pro's and con's? Am I messin up?

Interesting thread.   I also have a 62 “406” Block and if you are looking for 3/4 grooved bearings, you'll find they are only available in .010 under and I have a steel crank $$ that might need just a polishing rather than going the full .010.
Here are the OEM dimensions for Block and Crank thrust face Dia. also the distance between the flanges at the block.

Cylinder "Block" thrust face b/p dimensions -

1963 and earlier =        3.760" - 3.720"
1964 and later    =        4.020" - 3.980"
.07" x 45 deg corner breaks
Surfaces parallel to each other and square with main bearing bore axis within .003 T.I.R.
.915" - .913" face thickness

The later 427 "Crank" Thrust Bearing Flange OD is 3.824" - 3.764".

 I believe all FE thrust bearing available today are made to the old style Dia. that way they can cover all with less inventory, but I would check just to be sure
Also I've never had a problem with thrust bearings and that is with a 4 speed and a long style Zoom clutch that was really heavy on the left leg, and that was my everyday street car. .....Hope this helps

Yellow/black stripe wire on the back of your Gen. should be (A) armature
White wire on top or side is (F) field
Black/red stripe on top or side is the ground (G)
You should have some letters stamped on the Gen. housing to help and your Regulator should have some markings   just make sure the wires where never swapped by mistake.
You will also have to polarize your Generator
Just make a jumper wire and touch the Battery terminal and Armature terminal momentarily (you will make a spark, np)   Hope that helps