[Mike K]

One reason the generator can 'burn out' is the field coils can get hot : the cutout relay ,which is located inside the regulator is supposed to open when the battery voltage becomes higher than the Gene voltage ( this normally happens at engine idle speed ) . If the C/O relay is not releasing , if it remains closed, the battery will discharge through the field coils .. sometimes the heat generated is enought of burn off the insulation on the coils. This may have been your situation .. hard to tell .

If the regulator fails altogether , it can allow a higher voltage ( the gene can produce high volts in a unregulated state ) to get to components , you can blow all the light globes and cook everything . I've seen it happen on an old Ford Thames 800 van.

I am always wary of 60 year old insulation, it's only a thin layer of enamel over the bare copper and anything with layers of fine wires like Ignition coils and voltage regulators are susceptible to shorts internally. With age, the enamel tends to flake off the wires. You see people stuffing around with 60 year old ignition coils and think 'why waste your time '. Put a new one on .
Mike