There is another quick test you can do. Remove, or at least loosen the fan belt until you can easily turn the pulley by hand. Apply battery voltage to the Armature terminal of the generator with a fairly heavy jumper lead, 12-14 gauge or so, and give the pulley a little spin by hand. A good-condition generator should "motor" (spin as long as voltage is applied to it). If it will motor, it will also generate.
A voltmeter connected between the Armature terminal of a polarized generator and the engine block with the belt tight and the engine running should show at least 1/2 volt even with the wires disconnected. When the Field terminal is grounded with a jumper lead, the voltage should rise without limit as the speed is increased. If the generator passes these tests the problem is in the regulator or the connecting wiring.
Jerry
