I did have a similar issue with a voltage regulator. Go out to the truck and the battery is dead. 1+ amp draw. Unhook the regulator and the draw was gone. I opted for a 12SI alternator conversion. If i remember correctly, the alternator was about the same price as a new voltage regulator.
Voltage Regulator - $51.79 -
https://www.rockauto.com/en/moreinfo...31690&jsn=1093
12SI 78 AMP 9:00 w/ internal regulator - $54.79 -
https://www.rockauto.com/en/moreinfo...21891&jsn=1255
Another option might be to open up the regulator and see if there is anything that looks obviously off inside. I had 2 regulators fail on me. The first one I opened up. One of the components let the magic smoke out.