yes with the motor at idle, it jumps between 12.4-12.5v on the multimeter. as i turn stuff on, like headlights, high beams, wipers and turn signals, it drops to about 10.5-10.8v.
and no, it doesn't stay running after i flip the switch to the off position.
i don't know if it has anything to do with it, but i took the old switch apart, and noticed that when it is turned to the "start" position, it connects the bat, sol, and ign terminals (momentarily disconnecting the accy terminal). when it's returned to the run position after it starts, it reconnects the accy post. with the toggle switches and the push button, that momentary disconnect does not happen.
but i am hoping that all this is is that the alt/regulator just happened to decide to take a **** when i decided to take out the key switch.