Got an el v8 with an alternator thats charging at 16.6 volts, im assuming it might be the voltage reg but im not %100 sure.
Am i looking in the right direction or is the whole unit rooted?

There will be 2 small wires going to the regulator,1 is the earth from your battery light in your dash and the other is your voltage sensing wire .Disconnect the connector and using a testlight make sure you have power going to the voltage sensing wire.More than likely you have a crook reg Cheers Kevman

cheers

Voltage regulator for sure.

Good call Kevman.