I'll just suck it up and get a bosch unit, probably form FCP becasue I'll be ordering a MEAN amount of parts to throw at this car to make it roadtrip worthy.I tried a voltage regulator on my sedan once, didn't do much. Usually the internals of the alternator are worn. It is possible that it is causing a current draw from the battery due to regulator issues but I have yet to see that personally.
If the alternator was smoking, time to replace the whole shebang lol. Or have it rebuilt, there is a rebuild shop in Mequon.