As always, you guys are the best

Thanks for all the help. I was about to go test my old alternator, but why waste the time. I know it is the regulator or alternator, could be ground problem, but I am not at the boat to troubleshoot that. Seeing that a regulator cost $40 and I can get a new "one wire alternator" shipped to my door for $90, I'm going with the new alternator and scrap the old external alternator system.
Thanks again for the input...

Ordered my alternator from these guys
http://www.dbelectrical.com/...Good prices and they are located in East Tennessee.
$95 for 63amp "one wire" marine shipped to door.
1985 Marinette 29 Sedan bridge
Twin 318s, 660 hours
New Edelbrock 1409 carbs (working like a charm)
Original Electronic Ignition, Blaster 2 coils, 90 deg plug wire universal kit cut to fit
Raw water system
Freshwater always
Located Pickwick Lake, TN,MS,AL
RETRO BOATS ARE COOL
If the guys on this forum take their time to help you, have the courtesy to update your thread with the resolution.