Brad,
It could be the voltage regulator, or the fact that it isn't making good contact to the body of the car. I cheated and sanded a little around the screw holes, but it need to be tight against the body of the car. The other question is the battery. If it is real low, that would cause the regulator to go into overdrive. Mine typically goes to the high side at start-up, then settles just to the right of center after a few moments of getting it's bearings.