Couple questions. First, what are you measuring voltage with? Cheap digital meters will often give erroneous readings when used with engines having point type ignitions & copper plug wires due to noise pickup on the leads. The fact that it reads correctly on another engine with an alternator doesn't guarantee it'll read correctly on the one you're concerned about. A good analog voltmeter is a very useful tool for working on these old systems.
Second, if the generator is in fact putting out 15+ volts, the regulator probably needs to be adjusted. The fact that its new doesn't mean it was adjusted correctly, particularly if it came from China. Newer electromechanical regulators have three coils; a voltage relay, an overcurrent relay, and a cutout relay to disconnect the battery when the generator's not turning.
Voltage is adjusted by changing the spring tension on the voltage relay...less spring tension gives lower voltage. Voltage regulation is accomplished by this relay switching a resistor in & out of the field line to control field current.
However, before tinkering with the regulator, I'd make sure that the measured voltage is in fact correct.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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