You can check to see if metal particles are in the coils of your Stator already, from a bendix on its way south. What Voltage at 5500 rpm?
If you do not open the magneto housing you will be wasting your time trying to diagnose the problem as the pickup can test good but still there may be another problem with the stator grounding out. Either way, the mag housing is where you will find the problem, open it up and
re-check. If I am wrong, you can buy an external heavy duty rectifier.
Bills86e