No, a 1973 Ford pickup ignition switch shouldn't have two "hot" leads in the sense of two wires constantly carrying power from the battery when the key is off. There's typically one main power feed that's switched on and off by the ignition switch. Other wires connected to the switch control different circuits (accessories, ignition, starter) but only become "hot" when the key is in the appropriate position.
If you're finding two wires that seem hot even with the key off, one of them is likely a problem. This could indicate a wiring fault, a short, or a malfunctioning ignition switch. It's a serious issue because it could drain your battery and potentially cause a fire. You should investigate this carefully and possibly consult a wiring diagram for your specific truck model to trace the wires.
