Measuring voltage on the distributor side of the coil while the engine is running doesn't mean much. In theory, you're measuring the point dwell, but since your meter isn't intended to measure dwell, you're looking at nonsense.
When the points are closed, there is zero volts at the distributor side of the coil, because it's grounded through the points. When the points are open, you'll see battery voltage at the distributor side of the coil. These are steady-state measurements taken with the engine stopped. When the engine is running, you need an oscilloscope to see what's going on.
A general rule of troubleshooting is "if what you see doesn't make sense, back up until you find something that DOES make sense, then go forward from there." If you see only 4 volts from the battery side of the distributor to ground, then either you don't have a good meter connection, or something is causing voltage drop between the battery and distributor. That could be a bad ignition switch, a bad connection or a resistor you didn't know about. I think it's more likely you didn't get a solid connection with your meter leads.
If your alternator is putting our 14 volts, then the only voltage regulator you need is working.
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Today's Featured Article - Oil Bath Air Filters - by Chris Pratt. Some of us grew up thinking that an air filter was a paper thing that allowed air to pass while trapping dirt particles of a particles of a certain size. What a surprise to open up your first old tractor's air filter case and find a can that appears to be filled with the scrap metal swept from around a machine shop metal lathe. To top that off, you have a cup with oil in it ("why would you want to lubricate your carburetor?"). On closer examination (and some reading in a AC D-14 service manual), I found out that this is a pretty ingenious method of cleaning the air in the tractor's intake tract.
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