Guzzi now fixed. Went and bought a solid state voltage regulator as Brett suggested. It's the same reg as used on a bunch of old European cars (VW, Mercedes, etc.) so Ashdown and Ingram had one on the shelf. Even had the same terminal pin pattern so the 3-pin connector plugged straight on.
However, Tim's 3C is still confounding me. I inserted an ammeter in one of the phase wires coming out of the alternator, put it on 10A AC scale and started the engine. Zero amps. Tried the other phase wires, same result. I'd have thought even a fucked alternator would give a fraction of an amp, but the reading was 0.00 on all phases. I thought the amp scale on my multi-meter might have been rooted (blown fuse?) so I grabbed another meter, same reading. I opened up both multimeters and checked their fuses just to be sure. Also tried one on a DC circuit and got a reading on the 10 A scale, so the ammeter is working.
Anyway, it seems the root of the problem may be the alternator not doing anything. Although I still have my doubts. Why would two independent phase coils both be knackered? It's also strange that it makes some AC volts but no amps. I've got another stator plate so I'll try the charging coils off that and see what happens. But it's knock-off time, and getting too bloody hot in the shed now anyway, so I'll call it quits for today. Is that OK with you Davo?