7.4 is fine and is indicative of your battery calling for and receiving some degree of charge. Check it again after running for a while and you are certain the battery is fully charged - you will likely see at reading then of 6.7-6.9 volts assuming no other demand (headlights, etc.) is being called for.
Did you change your voltage regulator & if so ensure the new one is properly polarized? Assuming you are properly polarized and the VR is operating properly, and if you continue to be concerned about what is 'right', purchase a yellow manual off of eBay entitled 'REPAIR MANUAL GENERATING AND STARTING SYSTEMS 1933-1947' / 'Ford Motor Company' dated June 27, 1947 in the bottom right corner of the cover. It should also reference 'Form 3672-47 F' in the bottom left corner of the cover. Originals are available for $10-$15 or so. This manual contains the specifications and methods for changing outputs using your voltage regulator adjustments.
Just went through all of this while bringing a '47 Merc flathead back to life and spending a couple of weeks on the charging system, including changing the armature, VR, generator & coil wiring harnesses, etc., as well as 4 trips to a local automotive generator/alternator/electrical shop to test the generator & VR. Mine read 7.4 as well after 'getting it right' and immediately after starting (i.e., minor battery drain). It dropped to 6.7-6.9 at 1,500 rpm+ when the battery was fully charged and no other demand was being called for.
Good luck!;