Your post "Volt meter show -24volts at the regulator and starter. Is this reverse polarity normal? "
It depends on which way and where your meter was attached. The Generator and Starter are two wire 24 volt floating devices NOT subject to frame/ground, they operate strictly off 24 volts obtained by two 12 volt batteries (or four sixes) in series. If your meter leads match the series batter(ies) + and - it will show correct polarity if not it shows reversed.
So called "idiot lights" are "in effect" a lamp across a voltage regulators cutout relay so if not charging the discharging current lights the lamp, but if she's charging sufficient closing the relay the voltage is near the same on both sides so she goes off.
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