Is it a coupe dash? maybe miswired? I've not compared the late model round-dial 1200 ute dashes with the coupe ones to know if the dash loom and dash electricals are different to that of the coupes in the early 70s.
Find the "L" terminal on the alternator and test it. It should be earthed when not spinning, and not earthed while the engine is running. If you have an external regulator, you will have to push a pin into the L wire (red/white) and check continuity to ground with engine on ignition, then start engine. continuity should break once engine starts. The other wide of the light gets 12v from the brakes etc, and comes from the 10amp ignition fuse.
EDIT:
You've replaced alternators..but not regulator... Put a voltmeter across the battery. Then rev the engine. If the volts go up..your regulator is blown (very common).
EDIT2: damn you replaced the regulator

Run my tests.