The Bosch system is a good if somewhat underpowered setup - as the rotor runs at crank speed if you are just idling it may barely charge. As you are probably aware, the same system is used on the BMWs of the same vintage (caution: the BMW rotor looks the same but is slightly smaller in diameter producing weaker output - to be sure have your original rewound or check upon receipt
1. Buy a $10 multimeter. Analog is fine if not preferable as it is less likely to jump around as some cheap digitals do.
2. Set it to measure resistance on the lowest setting and measure the resistance across the rotor slip rings with connections to the slip rings removed. There should be continuity. If not your rotor is fried - this is the no. 1 problem. Tip1: Guzzi makes a spacer that allows air to circulate through the housing and prolongs the life. Tip 2: do not sand the rotor slip rings as some old hands suggest: the carbon actually improves conductivity.
3. If the rotor is ok, measure the resistance on the stator just to check. Again gross continuity is what you are looking for. The stator almost never goes wrong and if it does it is likely to be only one coil producing a pulsing headlight (same for the rectifier).
4. Set the meter to volts, turn on the bike's lecky and check for 12VDC at the feed to the rotor. It should be about the same as the battery - if not check connections, charging lamp, ignition switch and the regulator. Tip 3: you can put a resistor across the charging lamp circuit so that it will function even if the bulb is duff.
If it has the old mechanical type regulator replace with an electronic one such as they do here:
http://www.euromotoelectrics.com/ or here
http://www.motoelekt.com/. You can also find one from some 70's american car if you can deal with parts counter people. The adjustable one is good move if you intend on using a glass mat/deep discharge battery.
5. If the rotor is getting power and the system is still not charging, check continuity from the output of the battery back to the battery. The rectifier can be checked by setting the multimeter to resistance and checking for continuity - it functions like a one-way valve: you should have continuity one way and not the other for all 3 phases. Again replacement rectifiers are available fairly cheaply (the motoelekt one claims to be an improved version) from the mobs mentioned above or can be fixed at your local ye olde auto electric shop - if they haven't yet disappeared. You can also solder in appropriate diodes yourself if you are handy. Tip 4: don't be tempted by the simplicity of the single rectifier/regulator black box - they are non-repairable and IMO more likely to fail as they are potted which according to MIL 217 reduces the MTBF by about 20%. With the OEM setup you can still get home if the regulator fails by wiring the rotor directly to the battery (which is also one way of testing the circuit - just remember to remove power when you turn off the bike or you will fry the rotor - at above 3000 RPM you should be seeing 14.4 or so volts at the battery).
Unless you need the power, the bosch system is simple, easy and inexpensive to sort and pretty bullet proof.
Im boco lupo,
Chris R