That should be correct according to the diagram. In that case, I would first take the cover off of the V/R and make sure one set of contacts hasn't welded themselves shut, and then start looking for shorted wires or incorrect wiring. You already know that the wiring isn't stock, so who knows what all the PO did wrong. It seems most of the people that try to rewire these things don't know what they are doing. Get out your multimeter and start tracing wires to make sure it is what it looks like. I have had tractors where wires were replaced somewhere in the middle of the harness with different color wires that were the same color as was already used in the harness. That makes for some confusion.
And technically, the V/R should polarize itself because it is used on a starter/generator system, but I have heard it doesn't always happen.
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