I hesitate to post this as it would be obvious, but is the armature showing signs
of rubbing on the pole shoes?
Another thought:
If you removed the regulator wire from the field terminal, then the Generator would not produce a charge as there is no excitation, unless the field STUD is no longer insulated and is grounded to the case where it comes through it,-------
Just something to check.
Also check the condition of the commutator for any signs of the brushes arcing,
as each segment should look the same compared to each other.
Also check to see that the armature windings where they are soldered to the commutator, have not been overheated and thrown/melted the solder out of the connections, that would indicate a bad armature.
Also check that your brush wires are not touching anything they shouldn't
like the through-bolts or touching the case.
Heat is either rotational friction or excessive electrical production/ground.
You mention installation of ammeter, did you wire it correctly?
They are not an voltmeter where one side is grounded!!
they are a "pass threw" as in cutting a wire and hooking each end to the ammeter terminals.

Edit:
I just looked at your profile, sorry,
I didn't know you were versed in electronics.