There is some logic to my belief that 14.18V is a tad low. Especially when it stays at that voltage if you rev the engine.
Flooded cell batteries, which is what the standard battery is, tend to sulphate if left discharged, or partly discharged. This is overcome by an equalising charge, which causes the battery to gas, and dislodges the sulphation (at least, so goes the theory). This does not work with sealed/low maintenance batteries, which do not care for the 14.4V or more equalising voltage.
Batteries that do a lot of deep charge/discharge cycles use a lot more water, and that is one way of knowing that they are getting a decent charge. If you do not keep the electrolyte topped up, the effective capacity is decreased.
The acid test, if you will pardon the pun, is to measure the charging current going into the battery, but with a 70A alternator, you need to have a meter capable of carrying such currents. I am not so blessed. It is also a useful check to see what charge current goes into the battery with all the lights on, grips in etc.
It were girt cold yesterday too, and them wet batteries need extra voltage in the cold.
As to the relevance of the rectifier, I suspect that the 1150GS alternator is 3-phase, and so has a six-diode rectifier. If one of those diodes has overheated and failed open-circuit, then the voltage output of the alternator will slightly down, but the current will be reduced by 1/3, as one winding is no longer doing any work. Apart from stripping the alternator down to test the rectifier, which may well be encapsulated with the regulator, the only way to check this is to measure the charging current.