Got the part and installed it.
This video was super helpful.
Taking the alternator out was pretty straightforward, replacing the voltage regulator took all of 5 minutes. However, putting it back gave me quite the trouble - just wouldn't align.
Anyway, all is done and I took the voltage reading. Battery read at 12.5 and Alternator read at 14.37V +/- 0.02. No spikes even when revved to 4K.
Hopefully that solves it. Will know for sure when I take it out for a spin.
Total cost out of pocket $75.