71 cuda voltage regulator meltdown cleanup??

so the voltage regulator melted at some point before I bought this car.
it's a 71 cuda and I'm wondering what would cause this?
also, how to clean off this grey goo? I've tried lacquer thinner (nope) carb cleaner (paint began to come off-just like the thinner) had best results with naptha-but this is 2 hours into it, and really sucks. any ideas?

here's the regulator

I had one do that sealed in a plastic bag on a parts shelf...Age????

UHHMM if it's an original car and you're trying to cover the damage, have the paint matched as close as possible and airbrush it in, other wise leave it alone before you create more damage. It happened back in the day,
Would appear from the pic that you may have some melted wiring which is a much bigger issue, What caused it??? A bad ground or grounded field connection.

If heat melted it the first time, try a heat gun and plastic scraper?

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so the voltage regulator melted and I'm wondering what would cause this?
also, how to clean off this grey goo?

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(1) too much current from the alt full fielding (max charge rate) either bad reg (somewhat common) or green wire circuit dead shorted to ground (rare) or green wire brush/field dead shorted to ground in the alt (fairly rare) or using the car to charge up a dead/depleted battery (2) no idea as I ain't a body/paint guy & it sounds like you've put a good amount of effort into finding a solution. EDIT get a new reg & just check that the green wire field circuit (between reg to alt) ain't got no continuity to ground, same with the field terminal to field terminal circuit in the alt (there is an ohm spec for it, check while spinning the alt by hand) but if it ain't grounded you are very very likely to be good there. The field current enters the alt at/thru the blue wire field terminal (you're good to that point cuz it is charging) then thru the rotor then out to the green wire brush/field terminal so somewhere between the green wire field terminal/brush assy and/including the reg it is dead shorted to ground (likely the reg itself)