So with the field wire unplugged, and the regulator unplugged, I have continuity to ground. Spliced in a new wire, fired it up, and eureka! Problem solved! 12.47 volts at idle! Thanks for all your help guys!
I would have suggested that, but the readings you indicated (charging) usually that problem will drive the battery "sky high" depending on battery charge, etc. Some guys have blown out lamps, headlights, even