Sounds like it is not regulating. I don’t understand what you mean about the regulators and holding the voltages. All alternators have built in regulation nowadays, but back in the day I never replaced an alternator without changing the regulator too. You might also check the field connections from the alternator to the regulator & make sure that is good.
Appreciate the response. I've attached a picture of 1 wire end. Looks like a circuit breaker to me? All are original wires and run into stock harnesses. I plan to complete the mad electrical change and just have all these wires that were to the amp gauge tied together, just like they were.My 69 had only one wire on each. I am not familiar with other years. I think the red is the feed from the battery and the Black is to the loads (ignition, radio, heater, etc). I don’t know if those are factory or not. Do they look like part of the factory harness?
There is nothing wrong with more wires there if they are fused somewhere in the circuit.