Wow. Something really wrong there. Are you sure your batteries are good? I'm not super familiar with Farmall 460 but assume negative ground? What make and model of voltmeter? Sometimes low cost meters can pick up outside interference and give wacky readings. With all leads connected "properly" and engine running, what voltage do you read at the battery terminals?
The alligator clip getting red hot is indicating too much current through a small wire and small clip. I've used a similar connection to a field-to-case ground and alligator clip didn't get hot. Seems your field winding is drawing too much current. As John T indicated, could be that the generator is bad even though it "passed" motor test.
Always a challenge to troubleshoot by "remote control"! But the advice is free. (smile)
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