I don't know maybe its right..?
I re-installed the VR and before starting 12.4 V at the battery
While running 12.0 - to 11.98
I let it run for about 10 minutes to see if it would fall further but it seemed to stay right around 12 V
and when I shut it off ... 12.38 from the battery.
maybe its doing what it's supposed to..but I would have thought I get more that 12 V while running.
I only have 2 fords to compare it to.