Vintage Honda EM500 - High Voltage Problem

A subscriber sent me his Vintage Honda EM500. It served him well for over 4 decades. Recently it started producing close to 200 volts on the 120 volt outlet. Most of the parts are long discontinued. Can it be saved?

AVR Teardown Video:    • Honda EM500 Generator AVR Teardown  

Generator Model: EM500
AVR Part: 32350-892-632
Rod joint: 16956-892-000

Service Manual Resistance Values:
Excitation winding (Y-Y): 1.04 ohms
Stator excitation (W-B): 24.7 ohms
Main winding (R-L): 2.82 ohms
Sense winding (LG-BI): 0.5 ohms

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AVR, Alternator, Bench Test, Broken Spacer, Brushless, EM500, Fixed, Generator, Hertz, High Voltage, Honda, How To, How-To, Insulation Test, Insulator, JB Weld, Kill A Watt, Load Test, Obsolete, Ohms Test, Oscilloscope, Repair, Resistance Test, Sine wave, Small Engine, THD, Too Much Power, Troubleshooting, Vintage, Volts