Thanks to Rick (Tech Team) and no1dc1983 and kz1000ltd for the replies and great insight based on your knowledge and experience:
Since initially posting my problem, I have since removed the cover from my voltage regulator (VR)and found that it has 2 sets of coils inside (as you guys probably know).
One coil has what appears to be a double set of points... I believe this must be the regulator coil and points. (The other coil is the field coil with 1 set of points, I believe.)
Anyway, the coil with the double points had an apparent fault... the lower set of points had a deposit from arcing, like a stalactite,or an icicle-shaped protrusion, sticking up from the surface of the points and permanently contacting the contact finger. I recognized this as the same kind of metal formation that occurs with a set of points from repeated arcing.
So, I filed off the "icicle" from the points surface. I started the car and noticed immediately that the "GEN" light no longer came on... ah... problem solved.
However, the Voltage gauge soon started acting up again, fluctuating from around 12 volts to 14 volts, the lights on the dash were flickering, and the voltage soon started climbing and pegged at 16+ volts... the max reading on my AutoGage gauge.
I wathced the VR while the car was running and noticed that the double set of points was opening and closing at a fairly rapid rate... probably like it should. There was slight arcing occuring each time the points opened and closed... as should be expected when making and breaking electrical contact. This would, of course, explain why the metal deposits occured in the first place to a point where the points were effectively always closed.
Anyway, now I am trying to figure out why the voltage gauge fluctuates, and why the lights flicker, and why the gauge pegs at 16+ volts.
I suspect, like no1dc1983 suggests, that in my case I have a faulty or out-of-calibration external VR. (I ordered a new replacement Delc0-Remy unit today from one of the faithful 1st gen Camaro parts suppliers.)
Regarding the idea that maybe my 37 amp alt is not big enough to power my radio upgrade, I'm pretty sure I'm OK in this category. I don't have a/c and the stereo I installed, a Custom Autosound unit, is driving 4 speakers, 2 under the dash and 2 under the rear package tray, but I'm not driving an amplifier or a CD changer (yet)... P.S. - the Custom Autosound unit is CD ready and has pre-amp outputs... so I can install more stuff someday... and may need more alt.
But 37 amps is good for "go fast" because it takes the least amount of horsey power from my mot.
I would,however, like to change over to an internally regulated alt someday because of the increased reliabilty and performance... but for now, I'm going to try a new external VR unit.
Thanks again for the help and advice... please let me know if you think of anything else... I really want to drive my car!
I'll let you know if I resolve the problem and what the problem was for anyone else who may benefit from my experience.
P.S. - I will go to the tech site that Rick noted to find out about int. reg. alts. Thanks.