What series car?
+12v distribution block? Are your headlights on or off when the volts drop?
Edit - if this is on the '84 240, you've got a few things to look at. First one is the voltage distribution block by the battery. It can get scuzzy. Next is the fuse panel - it gets really scuzzy sitting down there by the moist carpets and such.
240s have crappy wiring that are saved by their relatively low current draws. Add age and/or higher power devices and you can have some problems. ALL the power for the car goes through simple little spade connectors, which don't have a huge contact area. If they get a little dirty, they just create heat the more current they're asked to pass. This can occur at the voltage distribution block or at the back of the fuse panel. The fuses and fuse tabs get really nasty too, and many problems are solved (and detected) by rolling each fuse in it's tab. If one's hot, you've got a current problem right there. Another good indicator is if your headlights are on and you hit your turn signals and your voltage gauge jumps 1-2 volts in time with the blinkers, you've got a voltage supply issue.
ALL the power for the headlights goes through the fusebox and the (susceptible to failure) headlight switch too, so it would be a good idea to bypass that by adding a pair of relays - one for high beams, one for low. Use the power from the high/low relay (basically, what goes to your headlights) to trigger the new relays, and power the new relays straight from the battery through fuses or (even better) circuit breakers. That saves up to 35 amps of power (with, upgraded bulbs) running through your fuse box and headlight switch! You'll be amazed at how much more voltage is available for things like fuel pumps and heater fans. While you're at it, rewire your headlights to come from an area on the fuse box that's only on at position #2 of the ignition switch.
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