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Thanks to all who replied. I (in fact) do have an external Voltage Regulator (amazing what you find when you pull panels) that is an SEV Marchal unit date coded 07/85.
My guess is that it has given up after 25 years, considering the alternator rebuild was less than four years ago (and less than 2,000 miles).
I have pulled the battery and fully charged same. I figure it will be easier to drop the $60 for a new VR and install to see if it is fixed, before i pull the alternator again.
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