Your analysis of the field coil connection through the regulator is correct. Voltage feeds the field coils from the armature end of the coil and exits at F terminal to the regulator. The regulator contact is closed, thus grounding the field coil until generator builds sufficient voltage to open the coil, so no voltage will be seen at that point.
To Test: Jumper field terminal to ground. if this makes it charge there is a problem with regulator.
If no charge leave jumper on field terminal and jumper from ARMature to BAT on regulator. If this makes it charge you have a bad regulator, if no charge you have a generator problem.
Here is a link to a Delco-Remy bulletin which explains how the regulator works.
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