I dunno RD, but a thought or two . . .
The dynamo - regardless of what make.
Is it configured with the field coil connected with one end to the F terminal and the other to earth along with one brush (like a Lucas bike dynamo) or
is the field connected across D and F - with one brush going to D and the other brush to earth?
If the former, are you using a regulator designed to regulate with the field to earth? For example, a DVR2 works like that, as do the majority of after-market bike-type regulators (as they were designed with Lucas in mind). But a lot of car-types don't - and staying with the DVR range just for illustration purposes - the DVR4 doesn't.
These, JG regulators, and many others work on what I call for simplicity the 'Bosch/Miller' basis - which is with the dynamo field coil connected between D and F.
If you have by any chance bought a dynamo with the field coil wired D to F, bridging those 2 and putting a meter twixt them and earth isn't the right test. The correct test for a dynamo wired that way is linking F and Earth, then testing for output between D and earth with a meter or suitable bulb.
Am assuming that if all the bits you've shelled out for are new, they ought to, er, work. So - just maybe? - the output test applied is the wrong one? And if the units don't work together could it be because there's a mismatch of the two methods?.
Like I say, 'dunno' -and there'll probably be someone along in a minute with better thoughts. But these are the first things I'd check out, given that your dynamo output test produced weird results.
The good news is that pretty much any pairing can be made to work, but the regulator determines how the dynamo needs to be configured.
Apologies if you've covered all these bases already . . . but by sheer coincidence, I'm converting a Miller for use with a 'Lucas-type' regulator this very afternoon, so it's all very fresh in my mind.