Sounds like you have the full charge voltage on the Line for sure ... I agree with Old cat rider. You may want to do a double check with the schematic on the proper locations of wires as well. If perhaps something was hooked to your Lamp circuit that should not have been may be an issue. Most likely you have a severe regulator/rectifier fault. Since the rectifier/regulator is the isolation from the rest of the bike ... charging the battery, starting it, normal operation ... to the light circuit, I would definatly replace this first. As a side note ... when you do replace the regulator / rectifier ... before you put in any new lights CHECK voltage at the light socket. Also, since gauges are normally expensive ... disconnect any power to your gauge circuits to prevent damage while troubleshooting this fault. When you said your needle was slamming back and forth ... I cringed

... Bad thing!