Voltage regulator location? Need a new alternator?

Re-read my post earlier about the "functional path." This is the path of current (which actually flows, electrons, neg to pos) but I like to start at the battery. ANY way the high voltage drop you measured IS the cause of the over-voltage, which should charge at nominal 14V.

The "likely suspects are in the path I detailed.......the bulkhead connector, the ignition switch connector, the ignition switch, the ammeter terminals or ammeter itself, and in rare (but has happened) the welded splice in the black ammeter wire--up under the dash.

THERE IS a workaround that can be "easy."

Break the dark blue "ignition run" coming out of the bulkhead connector which ends up at the ballast resistor. Get a Bosch style relay and socket

Feed the relay coil with the dark blue cut wire coming out of the bulkhead connector. Ground the other relay coil

Feed the relay power terminal with a big fuse/ breaker off the "big stud" on your starter relay.

Then connect the relay load (output) to the engine bay end of the blue wire you cut.

If you do not have a factory manual head over to MyMopar and download one.