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The schematic does show a resistor, R2, connected to the regulator. I assume since this is a shunt regulator, current not needed for battery charging is sent to this resistor. I'll be interested in hearing what AC volt reading you get once the regulator is back to the way it was. Edit: I...

It's not likely that gunk and rust account for the low output. Look for something else wrong before you put it back together. Could the stator have been rewound and some coils are connected backwards? Are the magnets still strong? Was your AC measurement made with the stator open-circuited...