I called Mark Hamilton at
MAD Electrical he thought the problem was the alternator had not warmed up (the regulator should have temperature compensation).
I ran the engine with all electrical accessories on except the wipers, the voltage went down to 13.2 at idle when the A/C compressor kicked in.
I assume the standard load of the 5.0 Mustang was not enough to drop the voltage on these high power alternators. I plan to fix that by adding an electric cooling fan.
[addsig]