I looked through my tickle trunk and found another regulator. With it installed the battery measures 14.45 volts at 4000rpm. Now with the new battery I should be good to go. Interesting observation... The cover on the voltage regulator I removed was spun 180 degrees compared to the cover on the one I replaced it with. Someone must have tried adjusting it at some point.
That makes sense.
Mucking with the regulator to try and compensate for system voltage loss typically makes for battery overvoltage conditions after the system loss issues have been corrected or improved.
The battery voltage is something of a moving target, which is why it becomes challenging to adjust the regulator. What you want is a known fully charged battery, an alernator capable of max output (revving), minimal system loads, and known acurate sense voltage to the regulator. This way the vreg can protect the battery from overvoltage loss of electrolyte through electrolysis (looks like boiling). This limit is typically 14.5v for a lead acid starting battery.
Under full system load, the black wire distribution of 12v from the key switch should not be more than 0.5v less than that found at the battery posts. Equally important are voltage losses between the battery NEG terminal and the green wire distribution buss. Losses in both these paths can result in good vregs powering the alternator into errant levels.
I think I've said before that the vreg is really more of an alternator limiter which keeps the battery from cooking. The system voltage follows the battery state. "Regulation" follows battery state which the vreg tries to maintain at full levels when the rpm allows the alternator to overcome system loads.
Cheers,