First you should determine if the generator or regulator is at fault. I just went through this with mine. I suggest that you do the following:
1) Disconnect the armature and field wires on the generator.
2) Next put a jumper between the field terminal on the generator and ground.
3) Start the engine and take a voltage reading at the armature terminal. If the engine is running faster than idle, it should produce something well over 6 volts, probably more like 20 volts.
4) If you observed a good voltage reading then the regulator or the connections are at fault. If you still get 1 volt, then the generator is defective.
5) If the regulator is suspect, make sure it has a good body ground connection and also take the cover off and run some rough paper between the points. then try it again.
6) If the generator is suspect, you can take it apart, partially. There are two long bolts going from end to end that hold the assembly together and there is a thin steel band covering the area of the brushes. More than likely they are not making proper contact. Your idea of contact cleaner is a good one and may save you a lot of work. However, what ever you do, don't undo the large screw heads on the sides of the generator. These secure the field colis and you can run into trouble messing with them.
I used denatured alchohol and a nylon scrub pad to clean my comutator. It worked really well.
Also, the reason you did not see 6 volts at the generator terminal is that the cutout relay in the regulator keeps the generator disconnected from the battery until it is producing a healthy charging voltage.
