Well, I replaced the NEW switch with a second NEWEST switch and works like a charm. The first NEW switch tested with both power and continuity and resistance, so I really don't think the switch was bad, unless as you point out there is some form of circuit breaker or there is an internal wiring configuration that somehow puts a ground in the circuit.
The 8-Pin part number for NAPA ProFormer is HL6554SB Switch / Commutateur Interruptor and oddly enough it is $5 bucks cheaper.
The 7-Pin part number for NAPA ProFormer is HL6613SB. This was not the correct switch for my 1970 GMC Jimmy.
I actually believe it is just important to get the correct switch for your year model and harness configuration and I am under the impression, unverified, that the switch over (no pun intended) was around 1970. Only way to tell is to look on your existing switch and see if there is a spade in the number 7 position indicated on the switch, and if there is then it is an 8-pin switch. If NO Spade, then it is a 7-pin switch.
Now my wiring connector did not have a wire from the harness into that #7 spade nor did it have one in the #3 position, but that possibly is of no consequence.
Hope this helps anyone having this issue down the road.
Thanks ZoSopp for the input.
Attaching picture of my old switch with the 8 pins along with a diagram from American Autowire labeling the spade functions.
https://www.americanautowire.com/vie...uit-functions/ (Not advertising and I have not actually bought anything from them, but they posted this diagram and it was helpful to me - so figure i needed to give credit.)
Sammy