I just worked on a 47 Lincoln this morning with the same generator and wireing. There is no voltage at the generator until the field terminal is grounded through the voltage regulator. One way to test the generator is to remove the fan belt, short the field terminal to the ground connection and touch a heavy wire from the - of the battery to the ARM connection on the gen. It should run like an electric motor. On this regulator the Arm was on the left, the field in the center and battery on the right. On some the connections are reversed. Make sure the through bolt on the bottom is not rubbing on the wire that connects the two field coils together. This was the problem on the Lincoln. G.M.