Overcharging
The connection I’m testing is the one that goes to I on the regulator as well as to the ignition.
OK. I think what your saying is this.
IF so, then there's a 1 V loss between the alternator output stud and the main splice -
and another 1 V loss between the wherever you're measuring the 14.1 and the field/regulator.
On the battery feed/charge line there's a .6 volt loss between the ammeter and the battery.
Check each connection and wire in between these and then clean or fix as needed.
ECU,coil, and alternator's rotor probably drawing 6 amps.
Guessing the battery is only drawing a couple amps.
The ammeter show 40 amps to 40 amps. Zero in the middle. A low battery will suck current when supplied power 13.5 Volts. A fully charged battery will not suck any power at 13.5 Volts. If its drawing more than 20 amps and doesn't drop back quick, then go charge it on a charger. That's when stuff gets damaged. Can't be drawing 30 plus amps through these wires for long periods of time without some connection or the link starting to melt.
PS. If the battery is taking 20 amps charging and there's only 0.6 Volt drop, that's pretty little resistance for that amount of flow. I'd still visually check the connections.