OK- - - -progress! You're a little high on the voltage now, which will cause the battery to be overcharged if it's run for very long. Against a fully-charged battery (this is important!) the voltage needs to be adjusted to a reading of no more than 14.7 volts, measured at the battery posts, not the generator or regulator terminals. The voltage reading will reduce itself slightly when the regulator cover is replaced, due to better magnetic conduction through the steel cover than the open air while you're doing the adjustments. I like to adjust the voltage to about 14.8-14.9, and look for about 14.6-14.7 with the cover installed. Be careful not to let the cover touch the coil assemblies as you're replacing it- - - -a short will burn out a fuse wire built into the circuitry almost instantly.
Check on the ammeter response by leaving the headlights on, engine off, for about 10 minutes, then turn the lights off, start the engine, and rev it to a fast idle. The ammeter should deflect at least half scale toward the + side, and then gradually come back toward center as the battery recovers. One needle-width to the + side is about normal, 5 minutes after startup. A good-condition battery recovers very quickly after startup, and the charge rate drops dramatically. All loads are covered by the charging system BEFORE any charge goes to the battery, so lights, heater, radio, etc. will reduce the charge current available to recharge the battery, and make the ammeter hover near the midpoint, or maybe even go slightly to the discharge side. It sounds like your system is functioning pretty normally now, so all you need to do is tweak the final voltage adjustment a little. Good job!
Jerry
Last edited by Hotrod Lincoln; 03/30/2011 3:00 AM.