<VV> Overcharging '65

[ronchoy at comcast.net]

Thanks to all who previously advised me. But here's my latest. Alternator tested ok. New solid state voltage regulator(s) test good and work on my 66. Visible wiring looks good, alternator and instrument panel are both correctly grounded. 
  With ignition on, lamp glows with one regulator, no light with the other.  I start engine and charge voltage goes above 16.7 volts. Voltage regulator isn't limiting voltage. Not even after 15 minutes. Battery is less than 200 miles with 12.5 volts.
   What am I missing? Might it be the resistor parallell to the gen-fan light?
 I know a bad ground can let the alternator overcharge.  
   Back story:. I had faint smell of hot insulation, seemingly thru heater rather than nearby odor from dash.  Original v/r went bad, gen-fan lit with engine off.  My Tech Guide doesn't help; I don't have the Beginner's Guide.  I'm afraid to drive the car. -ron 65,66