The alternator windings look like shorts to the meter and complicate the diode measurements. If you can break such loops in the circuit it should work, but the most informative way to check resistance and forward drop is to apply a controlled current, ie a power supply and some limiting resistance, and measure the drop with a voltmeter. This will let you check devices with forward drops above the open-circuit Ohms voltage of a multimeter (which you can check with another meter).
If you measure the voltage at several widely separated currents like
0.1, 1, 10, 100mA and plot them you can see resistance as the slope of the line, Volts per Amp, and junction drop as the voltage projected to zero current, in other words a junction with series resistance. If the current is an Amp or so you can measure the resistance of motor windings this way pretty accurately.If you haven't acquired a heap of surplus power resistors, try light bulbs.
I think that's all correct. It's been a long day. I used a variable- speed Bridgeport with a DRO for the very first time.
The DVM is based on Intersil evaluation boards and high precision resistors salvaged from old projects. At the time I was a lab tech building the creations of a brilliant Ph.D who had previously designed some of Keithley's fanciest equipment. The home-made meter and a wirewrapped 8080 computer got me a test engineer position.
A recession killed off that small company after lawsuits by worried competitors had seriously weakened it.
Jim Wilkins