40VAC seems a bit low. I'm used to seeing 55VAC+ @ 5k rpm.. or am I being too optimistic?
If it's not grounding out when hot, and passes the other tests, it's probably fine. Maybe I'm used to specs from TPE rewinds.
1986 Kawasaki Vulcan 750
NGK Iridium Plugs #7803/DPR7EIX-9
Duralast Gold ETX15 AGM Battery
Coastered & Shaved
Metzeler ME880 [110/90-19, 170/80-15]
Balance Dampers Replaced
Rebuilt Forks w/ Progressive Springs
VN750.com Grill Cover
Emgo 23-92411 Handlebars
MOSFET FH012AA R/R
1990 Kawasaki Vulcan 750
1998 Honda VFR800 FI
2014 Honda VFR800F
1989 Pontiac Firebird Formula 350