If you bypass the regulator by connecting it's white and black wires together, you measure voltage at that connection point with the red probe and place the black probe on the green wire connection at the Vreg.
We must know that the field coil is being powered, as the alternator cannot put out any power without the field coil activated.
Another thing you can do is take a very thin feeler gauge (steel, not stainless), or a magnet, and hold it near to the alternator case while you turn on the key switch. The magnetic field created by the electromagnet should draw in the feeler gauge tip (or magnet), indicating the presence of a magnetic field.
Once you know there is a magnetic field in the alternator, we can then probe the output for reasonable voltage.
Cheers,