ALT gauge issues- clicks and pulses 69 DART. NEED HELP!!!

I had a new Mopar p3690732 constant output regulator in the garage and installed it with same results. Car maintains great idle and sounds good- no change in engine idle as the ALT gauge clicks. But the volt meter does show inc voltage as it idles... jumping up and down.

Going to call Napa/Bennetts tomorrow and get another Regulator anyway-

I went around and cleaned/sanded all grounds I could find in engine area today. In doing so I noticed the thick red wire going into the bulkhead is not looking too healthy... could this be the issue? It does not seem to be very secure in the connection.