If you think that's your problem, simply test it. Pull the headlight fuse, start your bike, and take voltage readings at the battery at 2,500, 3,500 and 4,500 RPMs. Compare that to your other readings.
I use a Dyna S on my bike, with H4, and get 14.7 at 4,800 RPMs. So you tell me whether it won't work?