Did some more testing. Pulled my attention away from the regulator at the moment.
The alternator doesn't appear to be charging (no magnetic field on the back of the case when running). But I have no reason to believe it's bad yet.
Took the voltmeter to the harness plug that the alternator plugs into expecting to find and ignition hot (ign), a constant hot (sense) and the lamp wire.
All that showed on the meter was the ignition hot.
My plan now is to run a jumper wire from the battery to the sense terminal on the alt so that I can truly test the alternator's functionality. Problem is, I can't determine which terminal is which on the back of the alt. For the record, my plug type is like the one shown below.
