So I have done all the tests to the best of my ability and there has to be something I am not grasping. Bear with me. Not very good with electrical. I don't understand how to check the rectifier. Everything tested ok but here is what is going on. I have 2 different batteries have been working with. Both are old and used but work well in my other bikes. One fully charged reads 12.6 at rest. As soon as the key is switched on it drops about a full volt and then continues to drop rapidly!...2 o 3 tenths of a volt per second, even when I pull the headlight fuse. Start the bike and voltage drain slows but does not stop even when revved up. Also, no magnetism at the 3 screws in the alternator cover when key switched on. I have switched out the regulator, alternator, and rectifier in that order, with suspected good used parts. Nothing made any difference. I also cleaned all the connections in the charging circuits and the harness and connectors all look to be in good shape.
Ordinarily, I would suspect bad battery here but these batteries work ok in a K4.
To me, the bike acts like something is shorted, except that most everything works properly (except the horn and the right turn signal does not blink...typical) and it is not blowing fuses. So I thought maybe the alternator was shorted even though resistance and continuity tests looked ok.