Given that you've swapped the regulator with no change, Rolands suggestion about grounds is a good one.... plus it's cheap and fast.
Easy check is to run a wire from the regulator body (ground) directly to the negative terminal of the battery temporarily and see if the voltage reading stabilizes . If so, then you know you've got some cleaning and tightening to do.
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61 and 63 Originals
123 (2)
782D
106,
147, 122
102 parts
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