Steve,
Turn the main switch off at the battery.
Take the cover off of the voltage regulator.
Clean between the contact points of the relays with a burnishing
blade. If the blade comes out dirty with corrosion, then you may have fixed it.
Also check your ground ( the little black wire that runs from the connector on the bottom of the regulator over to the nearby screw on the firewall)..
Slide the ground connector off of the voltage regulator.
Clip one lead of your Ohm meter to the connector on that wire.
Conect the other lead to a good frame or engine ground. You should have zero ohms. If you have any resistance, you may not have a good ground connection through the ground screw to the frame ground. If that ground isn't good, the red light won't go off when reving the engine past a high idle.
If the wire check goods with an ohm meter as outlined, slide it back onto the voltage regulator. It should resist being slid on. If it is easy to slide on, it may not be making a good connection to the voltage regulator, get a pair of needle nose pliers and squeeze it tighter and then slide it back on to the voltage regulator.
Then remove all of the other connectors from the voltage regulator, one at a time, and slide them back on. This will clean any corrosion off of the contact surface. If any of these connectors are loose fitting, they will cause problems. Go ahead and tighten any that are loose fitting.
If none of this helps, a new voltage regulator doesn't cost too much.... One more thing that comes to mind is the big ground strap between the frame and the engine. If it was not making a good connection, it could cause the same problem of the red light not going off even though the generator is putting out 20 volts.
Ed