Great news. Yes, the current is set very high. 10 volts is too high. Except for the very early generators, the third brush should just rotate and is held in place by friction. Rebuilding the generator sounds like a good idea. They are fairly simple. Lots of folks put in an alternator. You can get an alternator that looks like the stock generator if that is important, but they are expensive. When people brought their car in for service, the Ford dealers would measure the battery electrolyte and adjust the charging accordingly. A volt meter in addition to the ammeter will tell you if the battery is getting over charged or under charged. There are Youtube videos available on how to rebuild the generators. Overcharging the battery will ruin it in short order. You will need to adjust the third brush according to the type of driving you do, short hops or long distance, and whether you drive a lot at night or not.