I replaced the voltage regulator in my ’70 Chevelle a few weeks ago and everything seemed OK until the other day. I experienced the same symptoms as earlier (the belts squealed and the amp meter pegged at +40). Is it possible I just got a bad regulator or could something be going on with the alternator or anywhere else in the wiring that's eating regulators?
Any information is greatly appreciated.

Thanks.

Did you get the alt. checked while you were replacing the regulator? You might have it checked if not. I would just go with a one wire alternator if you aren't looking for the OEM look. It is the same model alternator but you bipass the regulator all together as it is internally regulated and all you need is one wire feeding your battery.

Is it a factory amp gauge? If not how is it wired? Did the 40+ and squeal happen following starting? A week battery could be the cause.

It is a factory gauge and I get the squealing when I rev the engine while in neutral. When it was at it's worst, I'd get it when cruising down the road and it was loud but would eventually ease up and quit. There seemed to be an excessive load on the alternator that caused the belt to slip (and squeal) on the crank pulley I'm guessing. Also, the water pump wasn't working as efficiently as usual as the engine was running a little hotter than normal. All that is what led to the initial diagnosis of a bad regulator. That and, when I unplugged the regulator wires from the back of the alternator, the problems went away. Also, I noticed the other day that when I gunned the engine in neutral, I got a very slight squeal even with the new regulator.

Make sure that the regulator case has a good ground. Also check a see that the radiator surround has a good ground to the engine potential. You shouldn't see much difference when measuring between the alternator case and regulator case.

I just went through two different voltage regulators from the parts store and neither one of them worked right...one of them was overcharging. I went to Autozone and for $14 I bought a Wells VR715 electronic regulator and now everything works great. You can take off their housing and install the Delco-Remy housing.