Followup: I replaced the regulator today and it is rock solid 14.2 (13.8 with a full load). The original regulator had one of the brushes hung up so that it wasn't making contact all the time. I freed it up but put the new regulator in there since I had it apart. The slip rings looked great so no need...
One final thing, I bought a regulator from a fellow pelican (he claimed it was the same one Pelican sold but what arrived was "Hugo" brand) and it arrived without new bolts. The part where the 2 bolts go through the regulator body were about 1/2 inch thinner than the original so the original bolts were way too long.
Beware of using a Hugo regulator unless you have new shorter bolts (or want to fix it like I did).
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Joe
See Porsche run. Run, Porsche, Run:
`87 911 Carrera