Jerry,
Yep, this is the early style alt. with the external regulator mounted behind the front grill.
Adjusting the regulator.....so, it sounds like its better to take the cover off, but leave it mounted behind the grill/headlights so that I can adjust it while testing it. Im hoping it might have an adjusting screw for the tension, but I cant remember.
More info.: I took the caps off the battery and used some metal wires attached to my voltmeter to check the volts from cell to cell. Making sure the metal lead does not go too deep and touch the metal rod in the electrolite (which gives a false higher reading), I got about the same reading of 2.0 volts on each one. I even got 2.0 with one lead on the positive battery terminal and the other lead in the last cell beside it. However, on the negative battery terminal, I got a real low reading with a lead on the cell beside it, and the other lead on the neg. post. Is this negative post reading normal, or a sign that this is the bad cell? Also, after charging the battery to a good 13 volts (on a 10 amp charge for a half hour), the battery slowly goes down to the 12.35 range.
Will continue kicking this one around until the problem is solved.....Im kinda betting that a new battery will be the answer, and this will also reduce the charging volts from the regulator.