Hei conversion troubleshooting

Update:
Just installed my new distributor from Halifaxhops (ray) and wow what a difference. Car revs up cleanly through the range. There is a little rough spot around 1500-2k but I think that may just be because the carb needs some adjustment. Or it is possible that 15.5-16v is really pissing off my HEI module. Either way the engine is running 95% better with the new distributor.

As for the charging condition, I have ordered a new mechanical VR (standard ign products, they are cheap and come w/ a 1-year warranty). Car is consistently showing 15.5-16 volts at idle or higher rpm, at alternator output terminal, battery, VR terminal, and ignition module relay hot. So no voltage drop. Hopefully new VR fixes it, and I haven't fried my ignition module before I ever got to drive the car.