I don't know much about electricity, even less when it is coursing through the veins of my bike, but I do know that the voltage is supposed to go up when revved not down. Sounds like Yamaguy55 is your guy on this.
Since you asked though, in my case, it turned out I had a new battery with a defective cell which very quickly got to where it couldn't even turn the bike over. But even with a cell failing, it read higher when the engine was revved.
Exactly. The battery could have such a drain that the charging system can't keep up.
Prove the battery is good first. THEN prove the rest. Also, check connections where you can. I'd pull the headlight during the test so it isn't adding more drain.
Your lifesaver is indeed the field coil.
Electricity 101: everything runs on watts. Watts is volts times amps. If the amps goes up, at some point it may actually pull the volts down somewhat. Therefore, if you have a sick battery (I don't care how new it is) is will show a lower voltage with a meter than a fully charged good battery will. A good battery is as stated above. With that battery, you should see 13.5-14 VDC at the terminals with the engine running. That indicates low amp draw and a fully charged battery; remember, this is not a car. Again, it will not charge a sick battery back to health, it has just enough juice to keep a good one topped off. If less output, and you started with a
known good battery, look to see what is sucking down the wattage. You cold have a lot of things pulling juice out of the system. You don't need turn signals, lights, horn, etc to make the engine run. You do need ignition and charging. Pull fuses supplying unnecessary stuff. You could have a chafed harness.
In the electronic business, this is a simplified version. Eliminate the side stuff, then come back. It really could be lack of continuity between the stator wires and the regulator on one phase. I'd ohm out from the regulator with it disconnected and the the stator connected. You're going to need to prove each step. If it seems sort of ok, it probably isn't.