The tech at Eletrex had me short the output of the reg/rect (red/gr) to the voltage sensing wire input at the reg/rect (bl) and test it then and the voltage still goes up to 17+volts at 5000rpm's. Even when I test at the voltage sensing wire into the reg/rect it shows 17+ volts when reved up
Okay this is subtle, so read carefully. You may have done this already. But, it is not implicit in your post. The regulator has local terminals for battery voltage sense that includes both Plus and minus terminals. Compare the voltage sense relative to local ground at the RR, to find out if it is different than what reads directly across the battery terminals.
Alternately, measure for any voltage difference on the sense line to the regulator and for any voltage loss in the ground return between RR and battery minus. To do the latter, place one lead on the minus terminal of the battery and the other lead on what the RR is using for a local ground return reference. Ideally, each of these latter two measurements should read 0 V. There should be no difference in potential between what the RR is seeing at its terminals and the potential read at the battery terminals.
If the RR is not limiting the peak voltage when it sees more than about 14.5v across the terminals it is using to monitor the battery, than either the unit is not functioning, or there is something wrong with the wiring from the RR to the alternator.
Do you know if your alternator uses a field coil or permanent magnet to create the magnetic field in the alternator? I do not have schematics for your bike.