Quick summary of work done: rebuilt original alternator, new battery, new auto choke relay, new battery dash light (burnt up), new alternator belt, rewired fusible links and all alternator wires (sense, lamp, bat). All wires get bat voltage besides the blue/white lamp wire, which gets bat. voltage when ignition switch is on. Checked voltage of all fuses. I pulled the alternator and had is rechecked after the rebuild and it tested good at ~14 volts. While running the voltage is 12.5 and very slowly drops, all other electrical components seem to run fine.
I've read through many helpful posts on this issue but still can't seem to fix it. Thanks for the help.