Yet Another Alternator Glitch

[wmpwilson]

The Particulars---1976/77 with new rebuilt alternator (thanks Mike), and new used External Voltage Regulator.
Symptoms---

1) Charge Light does not light up when key is turned on, not running.
2) Alternator charges at 14.5 volts (tested at post on alternator).
3) Charge Indicator Light comes on when running--verified that alternator is still charging when lit.
4) After running a few minutes, the External Regulator begins to put off some smokey wisps (I turn car off at this point).
5) Charge Relay seems to be wired correctly (however, relay's are new to me, so I am going by the wiring diagram I downloaded).

So, any ideas where I need to start?