225 charging problem

The ammeter, typically at dead center, pegged!
This is danger zone and requires immediate shut down irregardles sof whether its pegging charge or discharge. That's 40 amps or more.
The voltage at the battery approached 16V so I killed the engine.
Therefore the alternator was working. Without regulation votlage will increase with RPM.

the regulator is the likely culprit
To decide if it is the regulator and nothing else.

A. Slowly charge the battery with a battery charger.
B. Start the engine and get it down to slow idle if possible. Observe the ammeter and since you have one, the voltage on your multimeter. (I assume thats the voltage at the battery you've been reading)
C. Bypass the voltage regulator and just the regulator. In other words you are going to full field it by connecting the blue ignition wire that feeds it to the green wire feeding the rotor. This assume a grounded field alternator and regulator.
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Observe the ammeter and the voltage at battery.

You could also do this which is almost the same.
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This simulates regulator with the upper points closed.

If the system was altered to an isolated field regulator and alternator, a different procedure has to be applied.