So, I have a 216 on the engine run stand. I got the ole gal running right nice. I gave the generator on just for the purpose of the fan belt to work. No wires hooked up to it and no voltage readings from the posts or from either post to ground. I believe that the generator is toast which is fine. It has good bearings to serve as an effective idler pulley for the fan belt.
While the engine is running, voltage on the multimeter fluctuates from around 14 volts and 7 volts back and forth in rapid succession. With the engine off, the voltage at the battery is 12.3 volts.
For further reference, it is unknown to me whether the coil which came with this engine is for 12 volts or 6 volts. I have installed a ballast resistor since I am using a 12 volt battery. I attached a jumper wire across the ballast resistor and check the voltage again, but the erratic readings continued unchanged.
What the hey?