Wow. I just read the subject "Voltage Regulator Cutout Relay" below, and I don't know if I'm CUTOUT for this stuff.
But let me explain my situation anyway, please. Ok, so this VR, or maybe I should say charging system, has operated in this fashion since I purchased and installed the VR a couple of years back, and I don't have much time on the system. I should say also that while it's in my "42", we are dealing with a 12 volt system and my engine is a 1959 235 with ( I think ) that era of generator.
So I'll start the truck up and the ammeter needle generally goes far on the plus side, needle is steady, and slowly works its way back close to the middle. I figure everything's normal, but then the needle will get a little jumpy and then often plunge to around -5 A. I little rev of the engine then results in a slightly negative drop. Turning the lights on when this condition is present will drop the needle to -10/15 A. It will self correct after a while and go to the plus side, and lights will brighten up, etc. Then the process will repeat itself. Around dusk last night I took the cover off of the VR and figured I'd see if I could get some sort of visual indication of what is going on. Well I did. The engine's running, she's charging, and I'm watching the regulator. Suddenly I notice like a tiny fireworks display between the points of the "voltage" regulator. I look at the ammeter and she's discharging. Then the "fireworks" go away and I see she's charging. Then I see that if I press a bit on the plate to hold the points together the lights brighten up and presumably she's charging again.
Alright, so this is simple, right? I should clean the points, set the air gap, and maybe apply a little more spring pressure I think. Or, will there be unintended consequences? Am I missing something (don't answer that !

)?
Here are pics of my (cheapo, I think) regulator.
http://i1293.photobucket.com/albums/b585/Milibolt/Electrical%20systems/IMG_1479_zpsjvviw4oq.jpghttp://i1293.photobucket.com/albums/b585/Milibolt/Electrical%20systems/IMG_1478_zpsuvsxgstp.jpgThanks guys.
Tony