If the charging system is working, the voltage at the battery when shes setting NOT running would be around 6.3 volts on a 6 volt system or 12.6 on a 12 BUT when running at fast RPM the battery voltage should rise to 6.5 to a lil over 7 on a 6 volt or 13 to 14 and over on a 12 volt.
Heres a paragraph in my Troubleshooting Procedure to determine if non charging is a Voltage Regulator or Generator problem. First make sure the genny was polarized (see my procedure),,,,the belt is good n tight,,,,the grounds n all wiring conenctions are good
TO DETERMINE IF ITS A GEN OR VR OR CUTOUT RELAY PROBLEM
5. a) VOLTAGE REGULATOR SYSTEM: With the tractor running, temporarily ground the Gens Field post to case. If she charges then but NOT otherwise, the VR may be bad, or a wires missing from VR's Field post to the Field terminal on the VR, or the VR isn’t well grounded.
b) IF IT’S A CUTOUT RELAY SYSTEM and she charges only if you dead ground the Field but NOT otherwise, its either a bad switch or the switch isn’t well grounded or else the wires bad or open from the Gens Field post up to the switch. INSURE THAT GOOD SWITCH GROUND AND WIRING
6. If she still don’t charge, leave the Field grounded and jump a wire across from the VR or Cutout Relays BAT terminal over to its GEN terminal (jump by passes the cutout relay) and see if she charges. If then but not otherwise, a VR's cutout relay isn’t working correct (maybe points burned/carboned) or a Cutout Relays NOT working or not wired correct.
7. With the 2 steps above, you have basically by passed the VR or Cutout relays functions, so if she still don’t charge, you're left with a bad battery or wiring or the Gen itself.
Troubleshooting Procedure
http://www.ytmag.com/cgi-bin/viewit.cgi?bd=farmall&th=665110
John T
John Ts Troubleshooting Procedure