indianajay,
A functioning alternator will always put out at least 14.5 volts. You haven't indicated if this is a new setup you are installing, but it sounds like it is.
If your alternator is externally regulated, it won't work with the regulator you have described.
If your alternator is internally regulated, the old voltage regulator could hang on the firewall as a decoration, but as Baldy pointed out, it wouldn't be used in the system.
The tab configuration for the alternator regulator..the little things where the DA plugs in will indicate which type you have. The case is usually marked R & F for an older external model and 1 & 2 for the SI, or internal styles.
Only one of these units uses a regulator hung on the firewall, and it isn't the regulator you have.
All alternators are good and all will work fine...you just have to know what you have so you can proceed accordingly. One wire units are easy to install and work perfectly for any service.
Stuart