Using a multimeter there was no resistance from the voltage regulator to the negative battery cable. So I knew it had a good ground. I know that it also has power, I've also unplugged the wire from the alternator and tested it at the terminal with the car running, it reads roughly the same voltage as the battery. When I full field the alternator it goes to full charge.
So the only options are:
1) Alternator - Checks OK - It charges when the field terminal is grounded
2) Wiring from Battery to alternator (ignition) - Checks OK - Same as above and has only .2 ohms resistance, and at most a 2 volt drop
3) Wiring from voltage regulator to alternator - Checks OK - Visual inspection, ~.1 ohms resistance at most, allowed alternator to overcharge with other faulty voltage regulator
4) Grounds (alternator, voltage regulator, etc) - All checked, low resistance, and alternator overcharges with faulty regulator so they must be okay
5) Voltage Regulator -
- Not sure how else to check it. But everything else checked out okay, so maybe I should try yet another one
If those are the only things that can affect the charging system, then I guess thats the only option left. Thanks for the help guys!