Hoople
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you talked about have continuity from one ground pin to the frame as being normal, question: would that be true even if I have all the grounds isolated from the frame when I'm showing continuity, or do I have a wire in the harness grounding on the frame?
If you had a bare frame with a voltage regulator mounted to it, you would read continuity from 1 pin (of the 2 wire connector) to frame ground.
As far as the two wire connector coming from the regulator, 1 wire is Ground and the other is Battery positive. The frame (case) of the regulator, is also grounded or connected to the Ground wire.
Also let me know what type/brand of meter you are using so I can get a visual of what is going on.