The commutator is a bit rough, but shows no signs of arcing. It should be 100% functional. The brush wires need routed, and the connector needs fastened down too, but it looks like its all there. I may have to dress up the seal surface on the back of the rotor if I decide to use it. There's some pitting. Its kinda a shame that the cover has been bead-blasted. I would have preferred that it still had the original patina. That's not to say that I couldn't GIVE it some patina. Hmmm.
Hopefully, this all works and I can sell the older Lucas MC45O dynamo that's on the bike now to someone who needs it to make their original bike proper. (sold it!)