Today I cleaned the "new" voltage regulator's points with 1500 grit sandpaper and alcohol. Unfortunately there was no change.
I pulled out the 75 year old Delco Remy voltage regulator that the generator re-builder said was no good. I cleaned that up the same way and installed it.
Voila! It worked. It was charging too high, though at 8.1v. Jerry gave me the lowdown on how to adjust it and it's now charging at 7.3v.
So far. so good. I'm sure something else will pop up with this wreck.
I purchased the NOS Delco Remy voltage regulator on ebay for $40 with shipping. Seems like a good deal to have a spare on hand.
The new one lasted 3 years to the day I discovered it had conked out. (purchased 11-22-2021)