No expert, but what I understand it is best to disconnect the field wire from the regulator before polarizing a Ford generator.
You may have arced the field points in the regulator.
When you say multi meter, are you using a digital or analog? Digital meters don't like dirty signals the old regulators produce. It can jump all over the place, meaning nothing. An analog meter is better suited for your application.
If you think the regulator was damaged, try opening it up and filing the field contacts. Takes a special thin points file, don't sand them!
That is just part of the maintenance on regulators, they need the field contacts dressed occasionally. The new after market regulators are especially bad about the points needing dressing. The alloys they use are not the same quality as years gone by. If you have any old regulators you might can save them.
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Today's Featured Article - Good As New - by Bill Goodwin. In the summer of 1995, my father, Russ Goodwin, and I acquired the 1945 Farmall B that my grandfather used as an overseer on a farm in Waynesboro, Georgia. After my grandfather’s death in 1955, J.P. Rollins, son of the landowner, used the tractor. In the winter 1985, while in his possession the engine block cracked and was unrepairable. He had told my father
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