You should see 13 volts or more at the battery posts with the engine running at fast idle or above. The ground wire should attach somewhere on the metal base of the regulator, usually by a sheet metal screw into the base. One of the cover attaching screws will be OK, though.
Try polarizing the generator by connecting a jumper wire from the Bat. terminal to the Arm. terminal on the regulator momentarily. You should get a moderate amount of spark, not a dead-short flash. Run the engine and check the voltage at either the Arm. terminal of the regulator or the battery posts. They should be within a few 10ths. of a volt of each other, and 13 volts or more if the generator is charging. No charge- - - -try grounding the Field terminal at the regulator. This should put the generator into full charge, no voltage control at all. Don't rev the engine too high with the field grounded- - - -I've seen voltage go above 20 volts. If there's no charge with the field grounded after polarizing, you've got generator problems.
Jerry