Yes, your understanding is correct.
If memory serves (it HAS been 13 years since I did this!) I had to untape the EEC harness to remove the alternator, oil pressure and temp sensing wires along with their gray connector.
Then I just cleaned everything up into a new harness. All it takes is tape and split loom to make it nice and neat.
Here's how mine looked right before I installed it:
View attachment 76467
Truck side is lower right; the black connector mates to the Duraspark plug that
@franklin2 mentions. I used a can coil, which is the "C" shaped connector with the Dura box plug next to it. On the left, alternator connections and in the middle are the oil and temp connectors.
I never hooked up the choke on mine (Georgia truck, haven't really needed it); I think that's why I have the unused length of green wire coiled up.
Good luck!