The "Batt" gauge on the my center console was pegged at +40 today when I was driving around town. After a while the needle would drop to about +20.
When I turn the engine off the gauge reads straight up "0".

Tonight I ran the engine long enough get to operating temp. The gauge read +20 at idle and would peg the gauge when I ran the rpm up.

I checked the battery with my volt meter. It read 16.5 volts @ idle. When I ran the rpm up it went passed 20 volts.

With the engine back at idle I tapped on the volt. reg and the volts dropped from 16.5 to 13.5 in about 10 seconds. The "Batt" now reads like I think it should. '0" @ idle and about +3 to +4 when I rev it up.

I say I need a new voltage regulator, what do you guys think?

Thanks, Fred

(It's probably the original ext. regulator. It looks like it's been mounted in the same place all it's life)

Yep, sure sounds like it. Go with the VR715. I believe thats what it was. All electronic and put your old cover on it. No more problems.

(It's probably the original ext. regulator. It looks like it's been mounted in the same place all it's life)

Original regulators had points (something like points in a original distributer) that regulated voltage. Most likely they were stuck, causing your over voltage problem. Go with the VR715 or convert to a internally regulated alternator.

either a regulator or corroded contacts on the regulator.

Do you have a 'points' file? If so, remove the cover and carefully dress the points. Or just install a new regulator.