Hmm,
I'm starting to think I should invest in a new regulator as well after reading this. I've had very similar problems. I've done the brown wire mod (including replacing the original brown wire - there was nasty corrosion at it's junction block), cleaned all connections in the fuse block, cleaned all the grounds on the car, the car has a new batttery, replaced the alternator belt, cleaned all the contacts inside the instrument cluster (thought it was an issue with the gauge). I've never been able to catch the drops in voltage on a multimeter. When first started the voltmeter will read perfectly horizontal. Usually after everything warms up (but not every time) the gauge will drop to just above the red. Sometimes it will inch back up to horizontal.
It looks like you have the same alternator as me. Where did you buy the regulator?
I'm starting to think I should invest in a new regulator as well after reading this. I've had very similar problems. I've done the brown wire mod (including replacing the original brown wire - there was nasty corrosion at it's junction block), cleaned all connections in the fuse block, cleaned all the grounds on the car, the car has a new batttery, replaced the alternator belt, cleaned all the contacts inside the instrument cluster (thought it was an issue with the gauge). I've never been able to catch the drops in voltage on a multimeter. When first started the voltmeter will read perfectly horizontal. Usually after everything warms up (but not every time) the gauge will drop to just above the red. Sometimes it will inch back up to horizontal.
It looks like you have the same alternator as me. Where did you buy the regulator?