Ok I did some t-shooting this morning. Followed this page....
Diagnosing Your Charging System
Without the battery hooked up, the battery read 12.93.
With the battery hooked up and engine not running, the battery read 12.74.
With the battery hooked up and the engine running (only load was the light in engine compartment) 12.34.
With heater, radio, lights, and two 55W lights on the battery read 12.05.
With everything turned off and running the measurement across the alt output the reading was 12.4.
With everything turned on (lights, radio, etc) and running the measurement across the alt output was 12.0.
(Ok so I'm assuming no short in the connections as the output of the alt is consistent with the battery readings)
With everything turned off again the reading accross the field coil terminals was inconsistently jumping from 11.5-12.1. Occasionally it would drop to 8-9. According to write-up this should be roughly 5.
With everything turned on again the reading across the field coil terminals was very consistent at 11.8.
So something is occuring when there is no load. After hooking the battery up the voltage there was slightly below the threshold of 12.8 stated in write-up. I read 12.74. In addition, the field coil readings were sporatic and above the stated value of roughly 5. Any thoughts on this? Write-up suggests alternator.