Alternator is a Powermaster 75a unit (63a at idle and 93a total) and both voltage regulators are NAPA replacement units. The first VR is about one year old and the second one was bought last week.
The VR's were/are mounted on the firewall with a ground wire mounted off of each of the mounting bolts that go thru the firewall. Each of the ground wires go to different grounds in the engine compartment.
When I swapped to the second VR today and placed the positive wire from my multi meter on the positive side of the battery and then placed the negative wire from my MM on both of the VR mounting bolts and I got battery voltage. There is also a metal strip on the VR just below the connector and it also showed battery voltage. The body is definately grounded.
I did not check battery voltage at the battery or the VR with the engine running today. I just just watching both of my volt meters that are mounted inside of the car. One gauge is wired in to show battery voltage (switched) and the other is showing the battery feed voltage at my MSD unit. The battery voltage was fluctuating between 13-15 volts and the MSD 12v feed was fluctuating between 13.5-14.5. Both guages "average" 14.0 volts if that means anything.

Thank you for your reply.