If the above procedures doesn't help the situation look in your area for a starter/alternator/generator rebuild shop. They can bench test it so you know for sure. Probably not a bad idea to have them freshen it up with new bearings & brushes.
That being said, I assume the 420 is a 2 cylinder model, being you are saying it's a "generator", not an alternator.
In all honesty, your problem could very well be the voltage regulator. If that is the problem, I highly suggest going to the John Deere website, and look up the part number for that VR. Then, cross that part number to a VR made by Standard Motor Products. DO NOT even bother with one from Tractor Supply, or even NAPA. You'll be lucky for one of theirs to last a month, if that long.
I've looked for years to find a good "Made in U.S.A" VR for my small Farmall tractors, and finally found the ones that are made by SMP. The oldest one I have has been on the tractor for going on 4 years now, and still works like a champ.
If your generator does have problems, and needs repair, when re-installing, don't forget to re-polarize it. A simple procedure that you can find instructions to online.