It revs up to 16 with the engine, about 14.5 at idle. I get 12.5 if I disconnect the regulator.
Then I would assume it is NOT the regulator and do some testing.
For starters, what year model is the car, or more important what are you using for an alternator / regulator?
You need to test for harness voltage drop in one of two ways, and test the ground circuit
1A....One way is with key in "run" engine off. Get a test point "as close as you can" to the VR IGN terminal. Leave everything connected. Measure voltage between VR "ign" terminal and the battery POS post. You are hoping for a very low reading, the lower the better, and over about .3V (3/10 of one volt) you need to think about improving it
1B...Another way to do the above is running at a fast idle. With system charging, warm, and battery "normalized" first confirm that it is running high at the battery. Then measure between VR ign terminal and battery NEG. A reading of about 14 here shows the VR is doing it's job
2....Test the ground circuit. The VR MUST be grounded to the battery negative. To test this, get the engine running, warm, battery normal, and at an RPM to simulate low / medium cruise. Test first with all accessories off, and again with lights, heater, etc operating.
Stab one probe into the battery NEG post, and the remaining probe into the metal mounting flange of the VR. You are hoping for almost zero, which would be perfect. ANY drop here adds to charging voltage.
One way around the problem is to install a Bosch style relay, triggered by the blue "run" wire, and use that relay, fused and fed off the starter relay, to power the VR and ignition system. This takes the load off the ignition switch and connector terminals.