Alternator - regulator mismatch?

The new VR & pigtail came late yesterday, I installed it today.
Fired up the slant and the first thing I noticed is the ammeter reading a steady, and steadily decreasing, rate of charge. No St. Vitus dance on the gauge needle!
Alternator was putting out 14.9V, battery read 14.6V at initial start
As the battery recharged it settled in at 14.2 volts and the ammeter needle was just slightly on the charge side. The car is disassembled for paint prep, so I couldn't add load from lights.
I got a better pic of the old regulator, I was surprised to see it is electronic! There is some discoloration along the large solder run.
Thanks to all who contributed and advised, I learned a bit more! :thankyou:
Pretty good trick at 7!! :D

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