If you put a scope on it, I think you will see some ripple -- so it would be "pass-thru" ripple. Or am I wrong about how these things are connected?

But I take your point. So, do you know the difference between the older regs. and the newer ones? Are the older ones electro-mechanical, with the newer ones having electronic devices in them?

"Are the older ones electro-mechanical, with the newer ones having electronic devices in them?"

You got it!

Alternator regulators are NOT "series pass" regulators as are regulators for electronic devices.
As I said, they just "turn-on/off" the alternator at preset voltages.

Just look at a Porsche wiring diagram and you'll see how they're connected
which will indicate how they function.