tarsnake,
Well, the so called R and R is actually two separate devices. The regulator and the rectifier. The regulator provides current to the field winding to produce a magnetic field that the stator windings convert to a voltage and current used to charge the battery and run the electrical system. If the field winding is much less that about 7 Ohms, excessive current will be needed from the regulator and that could eventually fry the output transistor of the regulator. So, start by measuring the field winding resistance with the field winding disconnected.
If it is the rectifier part of the R and R that is fried, then that would be indicative of something drawing a heavy load. Could be a partially shorted headlight filament for instance, or could also just be a bad battery that is drawing too much current. Check the six diode arrangement of the rectifier with an Ohmmeter looking for a low resistance in one direction and a high Resistance in the other between the white wires and the red and black wires of the R and R.
Generally, if the regulator transistor is fried, you will not get any output from the alternator because there would be no field current. If one of the diodes in the rectifier is either shorted or open, then you will still get an output from the alternator, but it will be less than the 14.5 Volts that it is supposed to be.