On the original mechanical regulator, the adjustment is a safety level to prevent the battery from overcharge.
It is NOT, I repeat NOT a system level adjustment for voltage. The system voltage level is the domain of the battery charge condition. The Vreg is adjusted so that the battery will never get above 14.5 14.7 V, and that saves the battery from cooking, losing large amounts of electrolyte, which would in turn allow alternator voltage spikes to cook diodes, etc.
If you can't resist mucking with things you don't understand and must tweak the Vreg, do so with minimum load on the electrical system and have the alternator revved to make as much power as possible, with a known fully charged battery. Under these conditions, adjust for 14.5-14.7 V at the battery.
Now, if lighting is on and and the battery voltage goes too low, you either have placed too much load on the system, or something is broken besides the regulator. If the voltage is too high and the regulator does not see actual voltage of the battery, you have a reporting path to fix on the bike. The vreg can't do it's job with lies reported to it.
The Vreg adjustment is the point where the alternator is told to back off it max ability to charge the battery, which varies with RPM and electrical load. Tweaking that screw changes that safety level. It does not make the alternator put out any more than ever capable. It is the wrong way to compensate for system connection losses, and has the potential to damage batteries, and the diodes in the charging system.
I still think the "Voltage Regulator" was misnamed, as it is, in reality, a battery protection device. The Battery charge status is what actually controls the system voltage. And even in stock form, the alternator cannot meet max system demands at its lowest RPM. And, the Vreg can't do anything about that condition but ask the alternator to do more (which the alternator cannot do until it's revved up).
FYI