4020 Gas Charging Issue

Hi, I'm new to the group. I've got a 1966 John Deere 4020 that I just recently got at an auction. Anyways, the original generator quit charging on it. I replaced the generator and did the polarizing just as the manual says. I started the tractor and the "not charging" light went off and ran great. I thought, well problem solved and went and started working on our Oliver 1850. About 40 minutes later I walked past the 4020 and noticed smoke coming out the back of the generator. I unhooked the battery and slowly the smoked quit. Anybody have any ideas as to what may be going on?
 
ASSUMING connections were made properly, the most likely scenario would be cutout points in the voltage regulator stuck closed.
 

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