Yes, #1 field/excite, power supplied like mentioned above when in the on position to excite the field windings. The alternator cannot start charging until there is voltage on the field windings and a magnetic force is created. #1 to charge light, ignition cylinder, power source. (So technically it's backwards). #1 field/excite goes to idiot light and ignition cylinder, not #2 sensing wire.
It's nice being awake

Mainly I'm reiterating what you said for my own benefit
#2 "Remote voltage sensing" This is where we differ. Yes you can put it directly on the stud, but here is why you should not, and this is why GM did not. It goes to the regulator (we're talking internally regulated of course, 3 wire Delco 12-SI type) to determine how much voltage is present. If you put it on the stud, there's no compensation for voltage drop, it will think you're just fine, because it's going directly on that stud 1-2" away, no multiple connections, length in wire, etc.
This is why you put it on a junction block (stock configurations have one usually near the battery). Because further downstream you can and will have voltage drop, so for example 14.4v output on the BATT stud, might mean 13.5v at the junction block, 12v at your fuse panel, 11v at your power window switch and 10v at the power window motor.... And for us that like to whine, 8v for that slow AZZ passenger window

(Yes exaggerated)
You want the voltage sensing wire far away from the power source (alternator). The regulator will do it's best to keep the system at 14.4. If it's on the stud, it thinks it's ok, but sure enough downstream it's already dropped. So if you put it downstream on the junction block, the regulator will boost to 15.4v at the BATT stud to compensate for the 1v voltage drop down at the junction block, and keep a optimum 14.4v. Overcharging is bad and good. Bad overcharging is like 18v, your regulator is having issues, something's wrong with it. Good overcharging is 13,14,15, maaaaybe 16v, just all depends on what it needs. If your voltage is low, it boosts it to maintain (usually 14.4) voltage in your system.
I broke it down barney style for the OP and others who search.
I think I do need to make a very detailed and easy to understand write up. Probably best with pictures specifically for Chevy square body wiring. Because it all does change, idiot lights, ammeters, volt meters, different cars, trucks. It's all the same at least in principle and theory, just WHERE it runs can be different. I could have a sub area for 1 wire 10-si style externally regulated alternators for older trucks as well. (though I'm anti-1 wire) There's a lot of confusion on how and why. I mean, even something as simple as why your older 1 wire externally regulated alternators go through your horn relay

And why you more than likely don't NEED that shiny expensive 140amp alternator you think you do.