Maybe try getting the Dynamo to power a headlight bulb? By putting 12v through the field, and a 12v bulb on armature terminal. It's possible for a Dynamo to give volts on test, but not current. It would also be a good idea to check the polarity of the Dynamo as well, given all you've been through it could have got switched over! (By an inadvertent "flashing")
Possibly do the same test (with a bulb) with the brown wire off the reg and with the reg otherwise fully connected into the circuit, digital volt meters can give odd readings when the supply being measured it's not steady, a bulb is a more reliable test.