Is it a combined regulator/rectifier or do you have separate components? If you have a separate regulator, the rectifier may still be good but your regulator is causing the full voltage issue. Here is a diagram of the charging circuit. The regulator controls how much output the alternator sends to the rectifier by modulating the amount of ground sent to the excitor coil in the alternator (the bright green wire), though usually they fail the other way and cause little to no output. It's also possible that ground to the excitor has shorted to ground and is causing full field/full voltage.