A shunt is used to change the ammeter's range. It won't affect what you are seeing.
By a "dummy regulator" you mean just a box with no innards, right? If there still is some stuff in the box, it could cause what you are seeing. Looking at Hamish's photos, I would leave the field (F) terminal disconnected, not grounded (E terminal). That could cause what you are seeing.
What kind of alternator are you using? Does it have an "S" (sense) terminal? If so, that should be connected to some point in the electrical system.
Do you have another ammeter you can try? It's possible that the ammeter just coincidentally started sticking right now.
In the end, you might just have a bad connection somewhere.