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?
OK let's start over. What this sounds like is that you HAVE A BREAK in the output or "charge" wire from the alternator to the battery


So the basics of what you want to do is this:

1...Determine if the output/ charge path from the alternator to the battery is OK

2...Determine if the VR is OK and wired and working OK

3...Determine if the alternator is working, wired OK, and operating OK

So to test the alternator, sounds like you successfully checked for power at the blue field (which is quite simply same as switched 12V or "ignition run"

Now what you want to do is take a jumper and remove the green field wire, and ground that alternator field terminal. With the key "in run" that will cause full field current and if the alternator is healty, will cause full charge output.

So double check---ground the field as I just mentioned, and re check battery voltage and re check the output post at the alternator. If the battery is still below 14V with the engine "fast idle," but if the alternator is still way high, you have a break in the charge wire circuit

Do you have stock wiring, do you still have the ammeter? If so that entire circuit is suspect. The bulkhead connector terminals for the black output wire and for the red ammeter wire, the ammeter itself, in rare cases, the welded splice in the ammeter circuit up near the cluster., and the eyelet connectors at the alternator and at the ammeter., and whatever wiring gets the fuse link to the battery.

IF THE accessories, lights, etc, still seem to work OK, then some of that is eliminated. This leaves only the welded splice and bulkhead connector terminals and the alternator black wire and end eyelet.

HAVE YOU smelled anything, smoke, heat, etc? That is a clue

Read this
http://www.madelectrical.com/electricaltech/amp-gauges.shtml
and this diagram from the same page is the simplified ammeter path

amp-ga18.jpg
In the above diagram, note that as you follow the RED ammeter wire from the battery, fuse link, through the bulkhead connector, ammeter, out on the BLACK ammeter wire and to the WELDED SPLICE, that path must be good for stuff like the accessories and headlights, brake lights, etc to work. But AFTER that welded splice, the black continues on, on out through the bulkhead connector on BLACK, and to the alternator output. That last section is likely the problem.

If you do not have a factory service manual, run over to MyMopar.com and download the closest one you can find. You may have to settle for Plymouth vs Dodge, etc, and also while there, go to the wiring section, and download the aftermarket wiring diagrams. Those are not as detailed or complete, but often easier to follow