Any test off the vehicle will just be kind of a core test to see if the unit has basic function. As Kevin states, it has to be put into a generator test stand to evaluate complete function. A thorough check can be done on the separate components when disassembled but a person needs a growler set and a multi meter to do the check of the field coils & armature/commutator. Flashing the field should be done on the car to insure a good procedure. On Fords, just disconnect the field wire at the regulator and touch it to the battery terminal also on the regulator then reconnect. The field pole shoes should be magnetized in no more than a 3 second flash. This is OK for Fords but not so much for GM set ups since most are wired differently so there is no set procedure for all the different types.
When a generator is installed and the regulator is working normally under operational testing, the output voltage should be a tad bit over 7-volts at the battery (7.3-volts on most Fords of the 6-volt era). If it just reads battery voltage then it's either not coming on line at all or the regulator unit isn't working. Regulators in the earlier era of pre-war and immediate post-war with late P/N 8A-10505 or earlier actually had adjustment provisions but the later ones of the 8BA era not as much. They are still adjustable if you know what to tweek but just not as easy as the older units. The on voltage can be set on cut outs that need a specific voltage to come on line, if the pole shoes will generate the amount necessary. If not, there is likely another problem with field or armature. Some applications use different size pulleys to insure that the generator comes on at lower engine rpms. Alternators are a lot more finicky in this respect that generators for the most part. Fords had to generate around 6.3-volts from residual magnetism to close the cut out points & bring the system on line.