Alternator - regulator mismatch?

Doesn't the regulator respond from battery voltage to allow and maintain charging levels?
No. That's a common misunderstanding in part because we commonly say 'charging' when talking about alternator output power.
If I feed the ign triggered relay from the alternator it will see 15.2 volts constantly.
That's not how it works.
The regulator responds to the voltage it 'sees' at its ignition terminal.
This is true for both types of regulators.
Lots more here
Please note the system worked properly initially, and as someone suggested, the regulator contacts are probably stuck closed.
Did you look?