TW, that seems OK. Now test between "D" & "A" with the cut-out armature pressed in. You should get a similar reading.
I take it that you have tested for continuity on all of the wires on the reg.
With the engine running, connect the meter between "D" and earth on the 20V DC range.
If you get around the 7V mark, the regulator section is working.
Then test between "A" and earth with the battery disconnected. You should again get around 7V. If not, observe whether the cut-out armature is operating.
I have worked on plenty of these regulators and it is not uncommon for the shunt coils to become open circuit.