With the engine running full throttle connect the red lead to the B+ terminal of the regulator, and the black lead to the negative post of the battery. What is the voltage. Should read battery voltage. Now mow the red lead to the metal housing of the regulator while still keeping the black lead on the negative post what is the voltage. Any voltage over a about 1 volt indicated bad ground to the regulator and battery voltage would mean no regulator ground.
Just trying to make sure you are actually getting battery voltage to the regulator and not just creating a circuit that may not be there, and making sure the regulator is grounded.