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SUCCESS.
Found bad connection on Terminal 1.
"somebody was here before" as horn was wired directly to battery at #3, so corrected that as well.
Generator still required "flashing" what I found on other forum.
When not used for long time, generator looses the magnetism and you need to jump it by putting small wire between Voltage Regulator prongs for short moment when engine is turning. I had light tester for the job and that is all it took.
Now ammeter shows charging with lights off and gets close to 0 with lights on.