I'd make sure your stator isn't grounding out. All 3 wires should have no continuity to ground. I've seen high VAC readings when the stator was grounding out (and it would charge very little regardless).
If the stator is good, and has that high of VAC output, I'd get a MOSFET regulator to compensate.
1986 Kawasaki Vulcan 750
NGK Iridium Plugs #7803/DPR7EIX-9
Duralast Gold ETX15 AGM Battery
Coastered & Shaved
Metzeler ME880 [110/90-19, 170/80-15]
Balance Dampers Replaced
Rebuilt Forks w/ Progressive Springs
VN750.com Grill Cover
Emgo 23-92411 Handlebars
MOSFET FH012AA R/R
1990 Kawasaki Vulcan 750
1998 Honda VFR800 FI
2014 Honda VFR800F
1989 Pontiac Firebird Formula 350