OK. After digging around and finding an "El Cheapo" alligator clip in my stash, I was able to do another test on the generator.
I first disconnected the battery. (not taking any chances)
I disconnected the battery wire from the cut out and clipped the alligator wire to the battery wire and the armature post.
I re-connected the main battery. And I IMMEDIATELY got a discharge reading on my ammeter.
I started the car, revved to appropriate RPM and the ammeter moved back to the charge side.
I turned the car off, and it went back to discharge. Fiddled around and reconnected the cut out back in the mix and re-started the car.
The ammeter does NOT move. Period, no matter how much I rev the car.
So, what is the final diagnosis??
Also, I tried flashing the genny with a pair of pliers. I did it with the car off, which I assume does nothing, but I got a spark. I then did it with the car running, and got nothing.
If I understand correctly how the cutout is supposed to work, I'd say yours is toast. See Page 249 in the Bible.
This is what I am leaning towards