Mike, I'll reply to your PM here, so others can learn also.
To do the positive side voltage drop test to the regulator, it's best (and easiest) to measure the drop directly, with everything connected.
Connect the meter red lead to the battery + terminal. (the terminal itself, not the wire connected to it)
Connect the black meter lead to the regulator black wire, at the junction between the harness and the reg.
With the key on, kill switch set to off, read the voltage.
To read the negative side drop, connect the black meter lead to the battery - terminal, and the red lead to the green reg wire, and read the voltage.