I just replaced the non regulated rectifier on my 1996 Evinrude 88hp. I am getting a voltage reading of 16.5 volts with a voltmeter at the battery with the engine running at 3000 rpms. Is this okay?
The voltage will depend on what battery you have. Generally the larger the battery, the more in line the voltage will be because the battery acts as a regulator. You should not use automobile batteries with unregulated rectifiers.
16.5 is normal on unregulated systems. I didn't say it is desireable nor OK. Just normal. Some electronics may have a problem with it. Most don't because the mfr's know that they are going to be put in that environment, and if it matters to their circuitry they build in their own regulator.