I would suggest that adjusting the points is a bad idea. You should not hear any clicking from the regulator when connecting the battery and the engine is not running.
With the engine running and the armature lead disconnected, momentarily grounding the field at the generator should cause the armature terminal voltage to soar. I wouldn't do this for long. If that works, try it with the armature connected. If you see that same high voltage at the regulator terminal, the regulator isn't closing in.
