That "ping" may be a wire (battery wire from the alternator?) bouncing off the alternator fan (or pulley). You could also have a problem internal to the alt.
Do you have a one wire alt or a 3 wire alt (remote mounted regulator)?
If you have a remote mounted reg, that would be suspect also. Try unplugging the reg connector and see if that corrects the problem. If there is a wire near the reg that has an intermittent ground when the engine is running, and unplugging the reg stops the voltmeter pulsing, then unplugging the reg may appear to be the culprit (but isn't).
What does the voltmeter read with the key on (run position) and the engine not running?
John
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