JH, you checking this with key in run, engine off? IF so you have a LOT of drop
Here's the basic bath
From the battery -- fuse link -- through bulkhead -- ammeter circuit -- in harness splice -- to IGN switch connector -- through switch -- back out switch connector (on dark blue "run") -- back out bulkhead --
to IGN run buss, which feeds
"key" side of ballast resistor and regulator "IGN" terminal
On 70/ later cars, it also feeds
alternator field (blue)
electric choke if used
some smod doo dads
ANY bad connection in that circuit path I mentioned with ADD that much to the charging voltage, because the regulator "thinks" the battery is low
To do a "quick" check to see if you are on the right track, make up a nice big no14 or so clip lead. Hook one end to a "solid" battery point such as the stud on the starter relay
Hook the other end to the regulator IGN terminal. If the voltage settles down, you need to check that path I mentioned.
If not then DOUBLE check
With the clip lead hooked up, and engine off, measure voltage at the reg. IGN terminal compared to battery
You can do this directly, by putting one meter probe on the regulator "I" terminal, the other probe onto battery postive. You are hoping for a very LOW reading, the lower the better, and not over .2-.3V (that's 3 TENTHS of one volt)
If this is so, then start the car and running at a good fast RPM to simulate "medium cruise" measure between the regulator mounting frame and the battery NEG terminal. Again, you should read a very low reading, zero is perfect.
If the above is true, replace the regulator and recheck.