New ignition trouble, MAYBE

OK. I did a quick ballpark timing adjustment to get the motor to idle about where it should be.

The more I run the RPMs up , the higher the voltage goes. 15vdc at 650 and 16vdc @ 1000 rpms, and higher if I rev it (went as high as 16.8).

I think I'm looking at a bad regulator.

EVERYTHING else seems fine.