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You can eliminate the possibility of the cutout not working, by simply jumpering around it. If the generator has been 'rebuilt', then it SHOULD have good brushes, and no broken springs. It also should have been checked to verify good fields & armature. So, what does that leave? No one has mentioned the 3rd-brush adjustment. As far as I am aware, I don't think the rebuilder can do this adjustment on the bench. So I'm guessing it has not yet been done - something for you to do on the car. Presumably, you don't have the brush cover on... It should be left off, until you get it working. (In my case, I don't even own a cover - it is 'off', permanently.) With the engine off, reach in there to the third brush, with a sizable screwdriver (or anything to push with), and push the 3rd brush in the direction of rotation - maybe 1/2-inch at a time. Moving the 3rd brush in direction of rotation increases output. On mine, it's the top brush, and generally needs to be around 12-to1-o'clock (closer to 1-o'clock) (facing front of car), for satisfactory output. This is NOT a high-tech adjustment - no meters required. Simply look at the dash gauge, and adjust to around 5-to-10 amps for whatever your driving style is. For night-time driving, simply bump it up. For daytime, bump it back. To verify that the dash gauge works, simply turn on the headlights - should show 10-or-more amps discharge.
Hope this helps, and JMO.
BTW, this info is in the owners manual....