Anyone Running A Mechanical Voltage Regulator 67 Dart 273 2bbl

Very interesting that regulator created ripple is controlled by the gap settings.
Not exactly, it is "dead band" voltage. Similar issue with electronic. The dead band is voltage range around setpoint, where switching does not occur. An example is off at 13.9V, on at 13.7V, a peak ripple of 0.2V. If dead band is only 0.002V, switching too fast to fully go on and off, heating transistor, or points. The dead band is adjusted electronically by adding bias to setpoint, controlled by switch state. Ever hear of Schimitt trigger gates?