Are you replacing your alternator and regulator at the SAME time? If the old regulator is reused, it tends to ruin the new/rebuilt alternator. I'm not sure why, I just know I chased that same problem around on a '75 T-bird for four days. Also, is this a parts-store alternator? If so, they tend not to be as powerful or reliable as the Ford originals. I went through over a dozen of them in one year on my T-bird, but when I got a good used one off of a Ford pickup, and replaced the regulator, I quit having problems. If you don't quit having problems out of the parts-store alternators, either get one from a good local rebuilder, or from a junkyard, and get a new regulator either way. A local rebuilder has to do a lot more to stay in business than a corporate-owned conglomerate that rebuilds their alternators in China or Mexico, and a junkyard alternator more than likely was still good when the car was wrecked, and if it was a low miles car it will give you years of service and is OEM quality.
You also said you want to see 14.5 volts out of it, I really don't think that's too likely. The old Ford externally regulated alternators usually run from 12.8-13.6 volts depending on the amperage rating, engine RPM, and pulley sizes. My '74 Mustang II averages about 13.2, but it's more than enough to keep the battery charged even with an electric fuel pump and electric fan.
__________________ 1976 Ford Mustang II Ghia: 302 with a 600cfm Edelbrock carb, Edelbrock Performer 289 intake, Dynomax Blackjack headers, 2.5" exhaust with Flowmaster Super 44s. RJS 11-gallon fuel cell, C4 tranny, chrome 16" pony wheels, fuzzy dice, brown vinyl half-top, and painted in the tackiest color ever (harvest gold, that's why I call it "The Goldenrod").
Also have a 2003 Dodge Ram (lightly modded daily driver/tow rig/office/dining room/home away from home/workshop... I call it "The Big Blue Dawg".) | 
