First check that the brush holders are not damaged, AKA that the VR has control. Start and run, confirm that it is overcharging. As I said check the charging/ running battery voltage
Now, pull off the VR connector. Should stop charging. if not, pull off the green wire at the alternator. Should stop charging.
Next, check for the "voltage drop" problem. Locate a voltage source in the key switched "ignition run" IGN1, dark blue line. The ballast would have been a good place. For now you can use the blue wire at the alternator field. Do NOT disconnect anythiing. Backprobe the connector. With the key in "run" and engine stopped, stab one meter probe into the top of the battery positive post, and the other on the blue wire terminal. You are hoping for a very low reading, the lower the better. Over .4V or so you need to find out. If this is causing the problem you are seeing, the reading is likely going to be 2V or more.
Make CERTAIN the VR is grounded.
Check the VR connector for corrosion in the terminals with a flashlight. "Work" the connector in/ out several times to scrub the terminals and "feel" for tightness.
"Some" .177 caliber rifle cleaning brushes will fit the female of those terminals, and of the popular flat trailer connnectors.
If those tests are OK, either the VR is not grounded, or the VR is bad.
If all this seems OK, the VR is likely bad.