Check your alt. and its wiring. If the regulator is known good (my prime suspect really) it will have to be the alt. or the wires to it. You have the isolated field alt (1970 and up) and if one of the two field wires are shorted to ground you will have full output all the time from the alt. And after you find the problem you will need to replace the burnt wires in the photo. Remember just because its"new" does not mean its good.
