Your previous post describing voltages is all wrong. Is this a 6 or 12 volt system? As the armature terminal voltage gets above 6.5 volts or so, (assuming it's a 6V system) the cutout relay should close. If not, the cutout is out of adjustment. New or old doesn't matter where the regulator is concerned- - - -proper adjustment is what is absolutely essential.
"Battery and generator are good, tested the voltages..." How did you test the voltages? Was a CURRENT test done on the generator as well? Most places like Auto Zone, etc. have no idea how to do a correct test of a generator, and unless somebody puts a charge output test to the generator, it hasn't been tested properly yet. A good-condition 6V generator should be capable of producing 25-30 amps at about 6.5 volts. Just a "voltage" test accomplishes nothing.
Jerry
