It's possible the oxidation where the resistors are rivetted continues into the connection. Other than that, if the points are good, its good.
View attachment 1715743227
The heavy duty VR has the screw adjustment. I think I've seen that in the service manual on the Essex built regulators. As far as I know they work the same way.
Since the fusible links aren't melted, and the point are fresh, there's no reason why it shouldn't work.
If there is a problem with votlage climbing beyond 14.9 its most likely that the regulator is 'seeing' the wrong voltage, or the somehow the regulator is being bypassed.