Unlikely the meter would do that. Mine on my '53 bounces quite a bit... and in my case it's regulator "function" of an older regulator. When I first start and some healthy charging is needed, it's steady. After driving awhile, the current drops back, and the bouncing begins. Since even a new regulator may have sat on the shelf for a while, maybe some film on the points. Inspect and if they look pretty good, clean with a little abrasion - point file (spoon or riffler file by the Delco book) preferred, never emery cloth or sandpaper. Shouldn't have to remove material, just burnish, if that makes sense. That may do it. But another thought... have your disconnected the battery? If so, make sure that you repolarized the generator (depending on generator/regulator, that's usually just a momentary jumper between the Arm and Bat terminals). Hope this helps!

Last edited by drdoug; 03/31/2019 9:51 PM.

1947 2nd-Series GMC FC152 3/4-ton
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1953 Chevy Bel Air Sport Coupe Powerglide