"Can I rule out the Alt/Reg[?]"
I'd say No, because it seems to me that you're not aware that the alternator brushes are included as part of the replaceable Voltage regulator. And the brushes (a "wear item") are essential to the alternator's ability to generate voltage
While the brushes can be replaced separately for less money ($6.00?), a new VR with it's included brushes (about $30) saves time and avoids the hassle of a (possibly botched) soldering job.
Below is a "canned comment" on the Warning Lights and how they relate to the Alternator...[today's additions are in brackets like this]
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Those warning lights [when running] mean the Alternator is not "putting out", and you're running off the battery — who is getting sick of it, since all it's meant to to do is crank the car for starting. The warning lights [with "hard-wired" +12V on one side] are connected to the alternator D+ terminal via a thinnish red wire—which does two things:
1- It makes a ground path for the Batt light (and three others*, via diode connections) to and through the alternator to ground. [ground path includes the brushes]
This warning light current flowing through the alternator causes it to produce voltage as it "spins up" from a stand-still.
2- It also carries Alternator voltage back up to warning lights to turn them OFF once the Alternator is putting out voltage — when the D+ terminal (that was a ground) rises to Alternator B+ level. With voltage now on both sides of those bulbs, no current flows through them and they go out.
* The other bulbs whose current adds to that of the Batt light are:
• Parking Brake
• Brake Warning
• Bulb Failure
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Bruce Young '93 940-NA (current), 240s (one V8), 140s, 122s, since '63.
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