Re: Voltage regulator bad?
What quality is your test meter? Fluke, Hioki, Amprobe, and a couple others are very reliable. If yours is a "lesser brand", I'd be inclined to try 1 more meter to compare.
After 30 minutes of running, does the battery feel warm to the touch? And the alternator runs hot all the time? If so, it probably is being overcharged.
The nominal voltage of a single lead-acid cell is 2.0 volts. They will accept a bit more but 15v across the 6 of them is too much.