Hot Rods Stay Generator or go Alternator?

2.4 volts sounds about right for a generator with out the fields working. A delco is most likely a external ground unit so ground the field terminal If it charges it's the regulator if not it's the field windings in the generator.

 

X2 ^ what sunbeam said. And once you find out the regulator is bad, try cleaning the contact points and give it another try.

 

this is wat i'm talking about. wire on the other terminal above goes to the idiot light on the dash with 12 V from the ignition switch on the other side of it. I do have a battery disconnect switch. The system has been working for me for over 30 years.
so in short... one wire to the positive battery system and one wire to the idiot light. all with a standard Delco mid to late 70s alternator internally regulated.

 

OK time for an alternator. Make note of the mounting points ( 7 and 12 o'clock, 5 and 12 or straight up and down, 6 and 12). Look in the junkyard for an alternator configured the same way. Cabbage the alternator and wiring harness. Take mounting bolts, brackets, whatever you might need. Look up the wiring for that alternator in a repair manual or online, install and wire it the same, remove your generator and regulator and put them away in case you go crazy and decide to put them back on.