Voltage Regulator Malfunction???

That may be the most reasonable I've heard yet. One "famous" person on here has claimed that they are "race only" (because Mopar claims they were) and that they don't properly regulate at the correct voltage, but, (he admits) because they have epoxy paint--well SO?? Scrape off the paint so it properly grounds the thing. ---You know---like any other VR
Again if my memory is correct. The original regulators for the single field wire alternators were mechanical (had points inside) and were electrically "noisy". The later regulators were electronic and had a much "cleaner" output, and better regulation. The Mopar "race" regulators, and the marine regulators were electronic, but were direct replacements for the mechanical regulators. These worked better with the Mopar OEM electronic ign systems when they were installed on the earlier cars.
PS: the old regulators (mechanical or electronic) controlled the 12v "hot" side of the field. The newer style electronic regulators controlled the ground side of the field.