I finally got the new regulator in there. Now with the car turned off I got 12.6 volts and running I got 14.1 volts. I also found the lower alternator bolt to be completely worn out and almost worn in half. That bolt is on order and I will have to deal with it another day. Pics below.
The oil leak does not look good. It is coming from the compressor. NOT a feed or return line leak. There are some bars that are held in place with bolts around the compressor. On the lower bar on the passengers side and on the lower bolt is where the oil is weeping out. It is not very much... But, it is leaking and needs to be fixed ASAP. The car does not smoke and there does not appear to be any oil "inside" the compressor housing.
I'm going to pull the intake/exhaust manifold again this weekend so I can get a better look. Is there some kind of big seal around the compressor where these bolts (and bars) are?
Worn lower alternator bolt:
http://i247.photobucket.com/albums/gg133/litespeed58/Loweralternatorbolttoast.jpg
Worn Voltage Regulator:
http://i247.photobucket.com/albums/gg133/litespeed58/Voltageregulatorbeforeandafter.jpg