Would this effect my voltage? It's 1 of the wires from the voltage regulator. At idle the gauge reads below 12 and when I'm riding it only reads 12. My bike is 97 ultra classic.

 

That cable is toast. and could cause you some problems. My 02 Dyna at idle warmed up will charge at 12.8-13.2v , the charging systems (single phase) on the early Twin Cams was/is pretty anemic. Get a replacement V/R from Cycle Electric.

 

I had one of my wire from the stator to the regulator totally broken. It broke at the epoxied area at the CE regulator, after the plug. I didn't notice the break until I was cleaning the bike real good. I simply chipped away at the epoxy, re-did the ring terminal, soldered, heat shrunk, and used goop glue to keep the wire in place.
When the wire was broken, the voltage would go from 12v to 14v. It got low when I used use more power by turning up the music. After I fixed the wire, my voltage stays consistent at 14.2v during low or high power usage.