Regulator gone bad?

Here's what I've found so far. I did a few tests with the car running briefly but it's indoors, so rather than gas myself I did them with the key on, engine off. Load would be the dome light, ign. system.

When I began the battery had been on a slow charge for the last 48+ hours. Surface charge was high at the battery but it settled down after a few tests to 12.2v. Optima says is should be between 12.6-12.8v (car off). That concerns me a little. Even batteries measured in a couple of other vehicles were at 12.5-12.6v at rest.

No change at the battery posts with the car idling. Alternator doesn't start charging till RPM's come up to 1200-1500 RPM's or so. At high idle it's 15+ volts.

Voltage drop tests - key on, engine off:

Battery posts: 11.94v
Starter relay: 11.92v
Fusable link connector @ bulkead: 11.88v
Interior side bulkhead: 11.66v
Battery feed at fuse box: 11.42v
Accessory terminals at fuse box: 11.29v
Battery feed at column connector (Red):11.39v
Battery feed after column connector (Red, B4 switch): 11.34v
Return from switch (DBlue, B4 connector): 11.20v
Return from switch (DBlue, after connector): 11.12v

Forgot to measure and note the Black Accessory wire on either side of the connector.

With the column connector disconnected (which essentially removes all loads from the battery with the key on except for the dome light) voltage at the fuse box and connector are very close to battery voltage.

I'm going to run the same tests again after the battery has had a chance to sit to make sure it's holding a charge.