Here's what I believe is likely the schematic (or close to it) of our voltage regulator. The actual schematic doesn't seem to be published anywhere that I can find, but this one seems to work with the same style alternator and has one alternator lead directly connected to the battery just like ours.
It's a little more complicated than a couple diodes inside, so the best I think you can do with a simple multimeter is probe the alternator inputs and measure the resistance. A simple resistance measurement between the alternator inputs should be infinity because the voltage drop of diode 32 will prevent any current from getting through. Your multimeter might have a diode mode, but off the top of my head, I'm not sure what that does when measuring through a diode and resistors 22 and 24. Likewise, the current between case ground and the alternator inputs will also be infinity.
If you had a variable power supply, you could connect it in place of the alternator (12) and measure the current it delivers as you crank the voltage up. Should be 0 until around .7volts where it will be basically the current through resistors 22 and 24 (milliamps?). That will tell you those 3 components are working correctly.
I think you can simulate your airplane's electronics by connecting a multimeter in voltage mode between the voltage regulator's case ground and where you typically connect the battery (the tab that connects to one of the alternator wires). To be super realistic, you might use a light or something that draws several amps between the multimeter probes (to simulate actually running things in the airplane). Now, as you crank up the voltage on the power supply, the voltage on the multimeter will indicate the same voltage as the power supply until you cross ~14 volts or whatever the charging voltage is set as. Then it should stay constant while the current delivered by the power supply continues to rise (and the regulator heats up), showing the path through circuit elements 34,28,30,and 20 is working.
Of course, all this should be done with the regulator not connected to the airplane.