I ended up buying a rebuilt generator from Red's Vintage Parts and installed and polarized it yesterday. I am very happy with his service, fast shipping and communication. The rebuilt generator is working perfectly and I could not be more happy with it.
Art Newland, I kinda think that is what my old one is doing. I have a few more things I need to fix on my car, and afterwards, I am going open up the old generator which I have never done, and try to figure out what is going on with it.
Thanks to everyone for your help.