Engine Probs?

I don't understand part of your terminology

What regulator are you using, 69/ earlier or 70/ later?

If 69/ earlier one wire "ign" goes to well...ign, that is switched power in "run" other wire goes to field. IF you have two field connections, second one gets grounded

If 70/ later, blue "ign in run" goes to ign terminal of regulator, field term. goes to one or other of two field terminals of alternator, and second field terminal goes to "switched ign" or ignition power in run.

The reading you gave simply show it's not charging

You can make a quick check to see if the alternator will work, by running a clip lead from the output stud to one (only?) field terminal. IF you have two, clip lead the other field terminal to ground. You should get a small spark when you hook it up. As you bring RPM up it should charge more and more. Don't go nuts, as you can build enough voltage to do damage if the battery is a lightweight or fairly charged.