Voltage Regulator Swap 63 ChevyII

[deuce666]

Hey All!
First time poster here.
My stock voltage regulator on my '63 Nova (194 s6) is putting out 18 volts. Im no expert, but I think this is bad. I picked up a new one from the (insert national automotive parts chain name here) down the street... And I cant keep the battery charged long enough to get a test reading (also bad).
I know the battery and alternator are good.
Before I start the hit-or-miss process of getting a cheapo transistor-type regulator to finally work... does anybody have a good swap suggestion?
And what is that capacitor thing hanging off the side of it?
Or maybe any other helpful ideas?
Ive already gotten rid of the points with a newer distributor (not an HEI)
-Thanks in advance!

(ps.. here it is.. http://jason.ella.net/nova/ )

[deuce666]

AHA!
To answer my own question.. The replacement volt regul. are all solid state now. No more points!
Anyway.. no more 18 volts.. just a pathetic 12.8V
_Deuce666