Hi Jim,
From what you've described,your generator is working O.K.The output of any third brush type of generator is entirely dependent on where you position the third brush.
This adjustment only governs the current output of the generator,and not the voltage.This is why the old headlight globes were rated to work at between 6 - 8 volts,and if the generator was set for night time driving,you would often see a lot of cars driving with their headlights on to use up the extra charge rate going into the battery.
The main electrical characteristic of a third brush generator is,that the faster the armature rotates within the magnetic field produced by the field coils,the more the output tends to drop off.These generators were designed to have a maximum charge rate of around 10-12 amps maximum at a car speed of about 25-30 mph.
For day time driving,depending on the speed you're driving at,a charge rate of 4-6 amps would be fine.If you needed to drive at night,you would have to move the third brush to increase the output to cover the extra load from the headlights.
Hope this is of interest to you.
