OK, I tried some of the test suggested here- see if this makes any sense
1. Ign on but car not running:
-Voltage at the battery- 12.3v
-Voltage at the VR-11.8v (.5v drop)

2. Engine running:
-Voltage at battery-15.2v
-Voltage at battery with jumper from battery to voltage regulator- 14.85
-Voltage at battery- VR disconnected- 12.2v

Rapid et al- what do you think?

I also ran another ground wire to the VR. Thats 2 ground wires and 3 screws into the firewall... and Its my 3rd VR