The flywheel on the end of the crank is a heavy cylinder that rotates around the center coil and is surrounded by the stator coil, both coils are stationary. The steel cylinder isn't magnetic. It seems the coils are OK. Now, it's back to checking the regulator/diode side. I'm sure I could somehow bypass the regulator/diode system and check the alt. output, but I don't want to harm the coils in the process. On a car, I would just energise the field terminal to get output, if the coils were OK.
I hope I don't have to check every wire for continuity from the alt. to the reg system because other systems use the same color wires. Oh, the joys of an unknown old motorcycle!