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"11.8 with no increase with increased revs" - You're definately not charging.
You mentioned that you shook the terminals and it started, so the first place that I would start is to clean the connectors and inspect the wires for any corrosion - replace as necessary. (Both Battery and Altenator) Especially check the grounds - that's one most people overlook!!
Before you replace the altenator - check the brushes - much cheaper and easier to fix. They need to stick up appx 1/4 inch. Any less and I'd replace. Last time I purchased them, they were under $30. - They are attached to the back of your altenator with 2 screws. - LOTS of info under FAQ under 700/900s. The info applies to the 240s.
Hope that helps
Charles
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