grain truck,
I think the alternator will put out until it is told to stop. While it might sound like a regulator problem, that theory went south with the "new" alternator.
My only thought would be it isn't getting a good 'sense' of the system voltage, and keeps on humping.
I would check where my #2 wire was connected. You could always try putting it on the alternator power lug and see if that does anything.
The regulator should do just that. Two bum alternators in a row is pushing the odds. It sounds like it is something else.
Have you checked it with another meter, maybe a good VOM.
I wonder if the alternator has a good ground back to the battery.
Stuart