You know the max ACV output @ ___ RPM's, and you know how many watt stator is, so the math is simple.... Max is what matters. Large metal particle build up on the magnets can throw it off a tiny bit, or worn bearings causing a slight elliptical rotation of the rotor changing the distance between the magnets and the fixed windings, so if the max on each leg is close to equal to the others output, and close to equaling the total ACV max, it's generally the regulator. Yes, you can check to see if any of the legs of the stator is grounded to one of the others or the cases, but if it's giving you good numbers running, checking for a shorted stator is a bit redundant. Testing at the battery is not the best place. I've found up to a half DCV drop from the connector on the regulator and the charging lead going into the fuse box with the regulator within 15 inches of the fusebox. Measurable drop from the output side of the fuse to the connection at the battery. The regulator on the bonie is about 35 inches away from battery over all. Great potential for voltage drop by the time it gets to the battery. That's why testing the stator is important. I wouldn't keep a stator that was putting out 10 to 20 ACV less then the max depending on the size of the stator in question. If it's all good, you test output at the regulator connector. The high numbers I tell people to look for can vary a good amount depending on how far the regulator is from the battery. It's generally easier telling folks to test at the battery first being many folks don't know there way around a multi meeter. There's not a thing wrong with that, but I hate asking people how much they know and just help in the easiest way for all involved.
You can quickly tell if you have a short in the charging system by doing a simple short check... remove all the fuses except the one with the charging system, often the main 30 amp. Connect your neg lead to a test light, and the lead from the light to the neg battery terminal. If you get a glowing light, you have a short. Disconnect the regulator, and if the light goes out, you found the short.