Terry I was having a similar problem, my cut-out relay was staying closed after I turned off the ignition, thus draining my battery in no time at all.
None of my mechanically minded friends worked with our style "adjustable" voltage regulators, so I tried a couple places in town who work with generators. One place got my regulator settings closer, but I knew it was still not where it should be.
So thanks to George who scanned and emailed me a copy of Generator and regulator adjustment , reading thru the archives, posting questions, here on the Stovebolt, I was confidant enough to tackle the job myself. Though there was a decent amount of trial and error it is very satisfying in the end!
If you do not have a volt/ammeter this is a good thread to read.
My $.02


Curt Warren
Salt Lake City
1948 1.5ton Loadmaster
http://photobucket.com/48loadmaster