A friend of mine has a 67 that is pretty close to stock. He's having electrical problems and I'm pretty sure, that its either the alternator or voltage regulator.
Where is the regulator typically located on a 67?

It regulates voltage to and from the alternator right?

Is there a go-no go test that can determine if its good or not?

The regulator on all firstgen's is in the same place, drivers side, engine side of rad support, near the top. Square box, connector with 4 wires in a row.

Here's some pics and info: http://www.camaros.net/techref/electrical/What_it_is/voltage_regulator.htm

Here's a tech article on troubleshooting the system http://www.camaros.net/forums/showthread.php?t=77994

If your friend and you decide it is time for a voltage reguilator replacement, get an electronic reg, p/n Wells VR715.

The regulator regulates charging voltage, measured at the battery posts, by varying the field current. The more current given, the heftier the recharge. The amount of field current is governed by the voltage sense wire, the resistive wire from the ignition switch.

The battery state of charge itself is another variable determining the charging voltage, and also the battery & regulator temperature.

I have to stop, I'm getting waaaay too deep.

Last question, is the belt in good shape?