A couple comments:
As an old analog engineer, I can tell you not to worry for one minute
that the LM317 based panel voltage regulator would not be accurate or
stable enough. Consider for a moment the piece of crap it was
replacing, which you were happy with until YOURS failed. The LM317
design will be far more accurate, and far more stable over temperature
than required.
My concern is that the transients in the car's electrical system could
damage the regulator, unless there is some sort of protection on the
input side.
I just sent an Email to my friend at NSC, for his opinion. I can't
remember if he designed the LM317 or not, but he's in the right
department, and messes around with cars too (old beetles).
Another thought: Your original panel regulator lasted from the mid
60's until recently. Many, like mine, are still working fine. Why
wouldn't the replacement, built out of the same stuff, last just as
long?
Stu
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