Regulator Suspect
Tom, I think you're on the right track; that regulator ought to be holding perhaps 14.3 - 14.5 volts under whatever combination of loads you apply, assuming the alternator and other components are in good health. The brightening/dimming lights, and fluctuating bus voltage, both tell me that the regulator is on its way south. I suppose it could also be an out of control alternator that is working the regulator beyond its abilities, but in that case I would expect VERY high output voltages and a regulator that simply gave up the ghost and died in a more spectacular fashion that what you describe.
I run the Van's 60 amp IR alternator, and bus voltage holds at 14.4 when the engine is at cruise RPM, regardless of whether the load is 6 amps (the low end of normal, in flight load) to 20 amps (max load I've seen in flight).
Might also want to check/inquire on the AreoElectric list, you'll get some sound feedback there too. This is just my $0.02 Good luck!
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