Is it the Alt. or Volt. Reg. ?

Usually if the regulator is bad , needle will not fluxuate back and forth, stays it the middle , prob brushs are bad in alternator , you can change them on the car i would take one out have a look all you need is 1/4 socket and nut driver , you could buy them in apackage of two , when i was doing auto parts.

...just looked up ones for my '72...$5 for a set of brushes...

I wish I could say I remember the needle doing funky stuff when my regulator went to full ground and my charge spiked to 18V, but I'd already bypassed the ammeter by that time.