Chuck,
Sorry to take so long in responding....lots of things going on - grass to mow, garden to work, fishing, ball games, wife, etc....
Anyway - tested the alternator at the X16 terminal on the voltage regulator today like you said - 14.6 volts - battery showed 12.5 volts.
Cranks and runs perfectly - but battery light still coming on.
Question of the day coming from a electrician who worked in the controls trade for over 50 years. Have you checked the wire from the post of the regulator which is the DC out, to the battery? Splices, connections or a fuse in the wire?
If you connected the "new" regulator the same as the old and it was wrong, chances are the old regulator was ok, just connected wrong.