Low voltage at gauge, no charge?

Fired up the (until now running beautiful)70 swinger today, 340, MSD ignition, and right away noticed that my Autometer voltmeter wasnt showing around 14 anymore, but a hair over 12 without fluctuation. Took it for a quick drive around the block and no change, half a block away from home, I hear a slight FZZZZ behind my dash with what I think was a burning smell/possible slight smoke, got it into the garage and shut down with a slight knocking/detonation, which it never does. Subsequent run/stops have resulted in a slight ticking/knocking(about a dozen then stops) in the motor while being shut down, which again, it never has done. I havent pulled the dash bezel yet, but I was following the troubleshooting steps found in this post:
testing voltage regulator and this is what I found:
- unclipped the green field wire at the alt and grounded it, with the key in "run" without starting, voltage at the blue field wire was just 11.69v, battery was at 12.52 disconnecting/connecting the clip on the green terminal resulted in sparks as should be. Started the motor with my voltmeter on the battery and the voltage dropped to 12.4 and didnt increase.
- started the engine with the clip lead still installed, voltage at battery was 12.42, at the alternator bat post, it fluctuated between 27-28v
-disconnected the VR connector and the blue lead showed 11.69v and the battery was 12.59
-tested the green field wire for continuity with success.
- internal Autometer voltmeter stays a hair over 12v and doesnt move
The voltage regulator that I have looks to be the cheap silver one with made in China on the back; Ive watched a vid or two that say NOT to put these cheapos on, that they can be dangerous, and to only use the genuine Mopar regulators.
Im betting that the VR crapped out, dont know about behind the dash or the knocking yet
Any opinions/ideas/suggestions?
Edit: Its also highly recommended to ground the VR, is it ok just to run a ground wire from one of the mounting bolts on the VR to a ground source, rather than just rely on the mounting bolts for the ground?