Did you re-polarize the generator after installing the regulator? The cutout relay points are supposed to close while running- - - -that's what connects the generator to the battery for charging. The points should separate as the engine stops. Polarize the generator by making a momentary connection with a jumper lead from the BAT to the ARM terminals on the regulator. 1/2 second or so is plenty of time to leave it connected. If the generator is OK internally, it should develop about 1/2 volt or so at the ARM terminal when running the engine with the ARM and FLD leads disconnected at the generator.
Jerry

"It is better to be silent and be thought a fool than to speak and eliminate all doubt!" - Abraham Lincoln
Cringe and wail in fear, Eloi- - - - -we Morlocks are on the hunt!
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. - Ernest Hemingway
Love your enemies and drive 'em nuts!