If you have 14.0 volts at high idle or at idle with no or few electrical loads, the system is working correctly. The four wire reg is for a "A' or "F" body car, not for yours.
If the voltage drops at idle, the reason most likely is that the alt shaft speed may be too low. Alternators put out only a small portion of their max rated current at engine idle speed. You may need to up the idle speed a bit or put a smaller pulley on the alt to increase the alt shaft speed. A different alt may have better low speed output characteristics.
George
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"...out to my ol'55, I pulled away slowly, feeling so holy, god knows i was feeling alive"....written by Tom Wait from the Eagles' Live From The Forum
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