The voltage regulator is the part on the right. See the red arrow.

If it's working properly, you should see it opening and closing rapidly, like you saw the ammeter needle moving in my video. As far as fix it, you would have to re-wind the coil with that fine insulated wire.

The amount of movement in the regulator is so small that I'm not sure you would be able to see it opening and closing.

I would try cleaning the contacts before giving up on the gauge. Gently open the regulator switch contacts just enough to be able to slip a piece of paper (white printer paper) between the contacts and then let the contacts close on the paper. Drag the paper back and forth between the contacts a couple times and see if the problem goes away?

Like this:

Good news!  It is fixed.  I used 1000 grit sandpaper on the contacts and slightly bent the metal arm.  Works as expected.  I knew there had to be a way to fix it.  Thanks for all the help guys.  Keep knocking the finishing tasks off the list. 

Well you were doing great until the part about bending the arm a little.

The tension in that arm affects the accuracy of the gauges. Don't know if you bent it enough to cause things to be inaccurate ,but a working (but inaccurate) gauge is probably better than one that doesn't work at all, right? 

You see the little set-screw threaded into the regulator contact? That sets the pre-load on the contacts and is used to calibrate the regulator. Let's just hope yours is still good enough.

 

I should be getting the one I bought in a couple of days.  I can compare the two. I barely “bent” it so hopefully I didnt mess it up too bad.  As long as the temp is not pegged and the oil pressure doesnt read zero its a win!