Volts really high with acceleration.

the system is full fielding & DO NOT drive it till you get it sorted out. it will fry bulbs/electrical devices & burn wiring. is this the early electromechanical reg setup? (reg has wire wound resistors on the bottom side). if so get a parts house replacement electronic one which most replacement ones are now electronic even if the problem is elsewhere. (trust me on that one). Does the alt have (1) male field terminal or a later one with one field terminal grounded. somehow the field circuit is being dead shorted to ground making the alt max charge which our alts only do at higher RPM's which is why the voltage goes sky high when the revs go up. if the alt/reg are OK then it has to be in the wiring/terminals. good visual and grab your meter.