A quick update (the truck now runs as good as ever).
1 - For years it was equipped with a positive ground Voltage regulator, but it managed. The regulator's points stuck. The armature burned.
2 - We rebuilt and re-installed the generator with a brand new armature... but... at that point did not know about the VR's condition. I burned the armature... Again...
3 - We installed a rebuilt generator AND a NEW voltage regulator. No go. Negative reading upon testing.
4- We tested the NEW regulator and found it was indeed defective! Installed a new VR.
Buzzzz! = 7.3 - 7.4 volt reading. Everything is a-ok.
Thanks a LOT for your input, fellas.
Special thanks to HotRodLincoln.
Wzrick