Cowboy, dont start uncoupling anything just yet. There is a regulator on the injector pump ya need to eliminate first. If the engine aint running at an exact steady RPM you aint going to have steady voltages anywhere.
Use a strobe light or some other way to see RPM stability. Analog tachs arent very good for this. A strobe light on the harmonic balancer and a chalk mark just like checking timing on a gas engine will tell ya how stable it is.
If it is stable then is the time to get into the other end.
If the AVR is fried, old or not up to par there are dirt cheep PLC controllers these days that can be dropped right in and replace all of the old AVR stiff.
Find ya a current Gen man and he can do it in a hour or so.
Sounds like its modern enough to be a synchronous genset. If its been sitting unused for a long time, you can also flash the exciter field with just a 9V transister radio battery if things dont come up right.
You can measure the exciter field with just a multimeter on the closest scale and see how stable that is, then ya know if yer fighting alternator or exciter. If the exciter voltage is fluctuating in line with the O/P of the genset it aint the alternator its the Exciter or AVR. You can check the o/p of the AVR with a multimeter too and see if it is doing anything different than the exciter or the alternator o/p.
Anyway, get ya someone who knows synchronous generators, they can fix ya up pretty quickly.
EDIT ADD: Oh if the Chineeses Gensets are the ones being sold by Hardey Diesel they are IMHO ok for intermittent use but not much for prime power. Id be VERY careful. I use a lot of 12-60KW Kohler diesels over here. They have nice lil Ford diesels in them and are all PLC controlled. Have some with MAJOR hours on them. Parts are available too. Those Chineeses sets don't use standard American made parts. We have a mountain of them piled up from folks thought they was going to save the taxpayers a few bucks buying them. There are Kohler dealers all over Florida. We use the guy in Arlanda.
Scotty
This is a double 4 cylinder diesel setup in a single shroud. Just an example