Funny you should ask, we just had a whole thread on this. As luck would have it, I just went through this exercise with my tractor Genny. First, check that the generator is in good repair. You can do this easily a couple of ways; pull off the belt and apply 12v + to the arm and - to the field. If it "motors", that is turns (it'll be slow), the brushes, field and arm are good. Then, the belt back on and jump the arm and field. Put a voltmeter from the arm to ground and start the motor at slow idle. If you have voltage that increases with engine speed the Genny is good. Be careful! Voltage can get pretty high in a short time, don't go much over high idle. Mine cranked up to 40v in the blink of an eye. Survived it though.
You can fart around with trying to adjust regulator voltage and cutout, but it can be tough to get right without an external variable power supply. Start with cleaning and adjusting the contact points with a points file. You don't need to remove the pits, just the oxidation. I took a feeler guage and took measurements before I started to get them reset ball park after cleaning. It's '30's tech, ball park is good enough. After you reinstall it, be sure the cutout ( the bobbin with the big wires) remains open until the Genny starts to produce, then it should close. Don't close it manually, the contacts can short together and you'll not get them open again. Charging output should be 13.5 -14.25 volts, but give the regulator a chance to warm up before you'll get a reliable reading. Put the cover back on, it makes a difference.
You can adjust output voltage by opening and closing the voltage bobbin gap (the one with the littlest wires). Cutout and current can be adjusted as well, but I found resetting to pre-cleaning gaps was fine.
Of course, don't neglect simple wiring and terminal corrosion issues, and check that he regulator itself has a good ground