'68 Barracuda - charging system questions

As said before, there are two things going on here.
Somewhere between the alternator out and the regulator input there is alot of resistance.
For the moment, the fact your battery doesn't see system voltage (16 V) is a good thing.
Since the battery is at 12.5 its probably not taking any charge so I've shown the ammeter in the middle.
If it is showing charge - then there's a short or somehting on that line that shouldn't be.
upload_2019-6-13_18-35-39.png

The next step is to find the resistance. Check each of these points for voltage drop.
upload_2019-6-13_18-42-13.png
Not checking the ammeter posts because it should be the same as J inside as there's no flow that line.
You can check for voltage drops in the battery feed line with engine off and something on. But do it later. One problem at a time.