Start out by "polarizing" the generator. Take a short jumper wire and touch it to the Bat and Arm terminals on the regulator quickly, about 1/2 second or so. A pretty good arc is normal. This puts a weak magnetic field in the generator housing and makes it produce about .5 volts DC at the Armature terminal. This voltage is sufficient to energize the field coils which find a ground at the regulator and increase the strength of the magnetic field in the generator housing. If the regulator is working properly, the voltage should rise to around 6.5 volts and close the set of regulator points behind the Bat. terminal.
If the generator cannot be polarized, you probably need some repair/rebuilding work done inside the generator. If the generator produces the .5 volts at the armature terminal after polarizing, but will not go higher, try cleaning the regulator points with a piece of clean index card stock or a business card. (No filing or sandpaper!) Disconnect the BAT wire at the regulator first, to avoid shorting anything out while working on the regulator. Good luck!
Jerry
