Good news! Your polarizing worked, apparently. Now, remove the cover from the regulator, after disconnecting and taping the "BAT" wire to prevent getting it shorted against anything. It's very easy to touch the wrong place inside the regulator with that cover and get a "positive smoke check". Use a piece cut from a clean business card or an index card, and burnish the points thoroughly with it. DO NOT use a file, sandpaper, or emery cloth on the regulator points. They open and close with a slight wiping action, and even very fine scratches will make them stick. Two of the point sets are held closed by springs, the current regulator behind the ARM terminal and the voltage regulator behind the FLD terminal. If either one of them gets dirty the generator field current gets interrupted and the voltage can't rise automatically.
The third set of points, behind the BAT terminal is the cutout relay, which is spring-loaded in the open position when the engine is not running. It prevents the battery from discharging itself through the generator anytime generator voltage is lower than battery voltage. With the cover removed, reattach the BAT wire and start the engine. as engine speed increases above idle, the cutout relay should snap closed and the voltage at the battery posts should rise to 13-something or more. If it does, carefully reinstall the cover and go about your business- - - -you fixed it! If not, start shopping for a regulator, and remember- - - - -there are two kinds of regulators- - - -original equipment "Delco" and "Wrong!" There are usually a bunch of reasonably-priced Delco regulators on Ebay. Good luck!
Jerry
