1954 Merc, stock - just installed a rebuilt generator, polarized it according to the Merc factoy repair manual and started it.  The amp gauge  shows a nice charge and a multi-meter voltage test at the battery shows 6.8 volts at about 1500 rpm.  Everything looked good  so I decided to test the voltage at the regulator next.  As I was beginning, I noticed that the regulator cover was quite warm (don't know if I ever noticed the temperature of a regulater cover before) so I checked the terminals with my finger.  The armature post was hot to the touch with the engine running for only 2-3 minutes.  I shut it down and looked in the troubleshooting section of the repair manual and in the Motors Manual to see if there were any references regarding hot regulators.  Finding nothing I am turning to the professional, old-timey fixit gurus; the smarter-than-I Y-Block forum guys!

The regulator has about 5,000 miles on it since installed new and it doesn't seem reasonable that it would naturally run hot .  What say you?