From what I can tell when the pcm is working correctly it will sent a constant resisted ground, and with a external reg it will send a full pulsating ground, thus making the headlights flicker with the on off cycles
Mine is a napa premium off of a 1980 d150. The headlights and dash lights don't change. The volt gauge moves so little I didn't even notice it. I'd say it's about like it was stock. It just charges a touch higher.
I did the external on my 97 gmc conversion and sometimes at night its slightly noticeable in the dash lights but that's about it, and stays about 14. 3 all day long