Ok so you are running a Mopar square back style alternator; you should be fine with a electronic VR. The system is pretty straight forward, the alternator produces power and the voltage regulator regulates it to an acceptable limit. That said, the alternator shouldn't be producing 18V.
Here is what I would do, I'd get a brand new alternator and a brand now VR and install them. If you dont want to do that, then get the alternator tested, if it tests out then it has to be the VR. I can tell you that I have bought defective brand new VRs more than once.