You said this:
This MEANS one of two things:
1....either this alternator DOES HAVE an internal regulator
2...or there is some sort of field short or wiring problem that is causing the regulator to be essentially ineffective
This also means.........
1...that if internally regulator, whatever regulators you are buying are not needed and incorrect
2...that in any case the external regulator is NOT the root cause of this problem, even though it may be failing. The "actual" problem is the cause of the regulator failing.