Free download of the Lucas manual
here
I thought it would be easier to read the Lucas official version than for me to try to paraphrase it, but here goes:
Liammonty has conflated two separate tests. If you remove both connections from the dynamo, then measure the voltage at the big (D) terminal, the Lucas book tells you that you should get 1.5 to 3v at 1500 rpm. You'll get a much higher voltage if you connect D and F together and then rev the engine too high. It's the high voltage that can cause damage, not the act of measuring it. The regulator does two jobs: it stops the battery feeding current back through the dynamo when the engine's not running; and it causes the dynamo field voltage to flutter rapidly between low and high to maintain the right dynamo output voltage to run the car electrics and charge the battery*. Broadly speaking, and assuming we're talking car electrics not electronics, you won't hurt anything by sticking a voltmeter, or a multimeter on a voltage setting, across it.
My point about 7 year-olds was that most car electric problems are about completing circuits consisting of a battery, a switch, and a bulb, which is what they teach at infant school. When it gets a bit more more complicated - dynamos, control boxes, ignition circuits, - good old Joe Lucas rides to the rescue with his technical manuals and training courses.
* Yes, I know I've ignored the more subtle stuff it does.
Kevin