I'm waiting for someone to chime in with an electrical background that knows WTF is going on with these electrical gizmos. Electrical generation isn't my strong suit.
But like you mention, I'm leaning toward something with the voltage regulator. Either it's the wiring burnt and/or the self-exciting the field thing going on, or something internal. I mean, it's acting just like one of those one-wire alternators. And it shouldn't. The one wire I got on my 71 442 does the exact same thing at first start, blip throttle and it starts charging, but I already knew that was likely.
There may be another issue, and although unlikely...is the guage seated properly in the dash? I don't think it would make much difference if it only works when you blip the throttle, but I've seen stranger things on these cars.
Do you have another alternator to try out and see if it acts any different?