65 Valiant now gauges go full when ignition key turned or running

Full continuous 12 volts to those 2 gauges will fry them. First thing I would look at is how the regulator is connected and mounted. Your description suggests everything else is working properly.
And I agree that those LEDs that cant be seen are silly. That regulator should include wire length to mount it remotely / out where it can be seen. Flashing LEDs to accompany the pegged instruments ? Still silly.