Leece Neville sez:
Maine Sail - I got my info from their site, but before going there, the simple explanation is that you are not in float mode condition. The load current on your XBM would indicate that the alternator is load limited at it's present rpm. Your alternator should put out full voltage at 11 amps at cruising rpm. Engine 2500 rpm - alternator 5000 rpm.
In simple words, your setup has a problem or you are not operating how you think you are.
Looking at the Leece Neville test stand guide:
http://www.prestolite.com/literature/tech/alts/TSB-1018_Test_Stand_Flow.pdf
It says the voltage should be adjusted to 14.0 volts with no load and should drop no more than 0.5 volts at 75% of NP load and 3600 rpm. 3600 rpm is about 1800 engine rpm. If it can't do that "submit for warranty".
From:
http://www.prestolite.com/pgs_support/trouble_shoot_1.php
"Leece-Neville alternators are equipped with one of two regulators. The Fully Adjustable Regulator has a flat cover plate. The Three Step Regulator has a finned, curved cover plate. Use the following test procedure that is appropriate for you regulator type.
Fully Adjustable Regulator
NOTE: Battery must be at least 95% charged prior to this procedure. Also make sure wire connections and belt tension are OK.
1. Shut off all electrical accessories and run the engine at approximately 1000 RPM.
2. Connect a voltmeter to the alternator outputs.
3. Remove the plastic screw from the regulator (see photo) and insert a small screwdriver in the hole. Engage the screwdriver blade in the slotted adjustment screw inside the regulator.
CAUTION: The adjustment potentiometer screw has high and low stops. DO NOT exert excessive pressure on the screwdriver or you may damage the regulator.
4. Turn the screwdriver clockwise to raise the voltage, counterclockwise to lower the voltage. Set the voltage between
14.0 and 14.2 volts (28.0 to 28.4 volts for 24-volt units).
CAUTION: DO NOT force the screwdriver past the set stops at either end of the adjustment range to avoid regulator damage.
5. Remove the screwdriver and voltmeter and install the plastic screw in the adjustment screw access hole."
BTW, the hated Balmar regulator is made by the same company as the loved Link 10 and XBM.