I've fixed it ! 
I successfully checked the ac voltage coming from the stator as 60v (ish) at 4000 revs. Then, as I pulled the multimeter probes out of the connector the red/white wire in the rectifier mulitplug caught my eye. I gave it a prod and it looked a little loose, so I prodded it some more and the wire came out! The spade in the multiplug had snapped off / corroded through, leaving the bottom of the spade in the multiplug and the wire disconnected, but hidden from sight within it. Within five minutes I had another spade crimped on the wire. I reconnected it and performed a little dance of joy as the multimeter showed 14.2v across the battery terminals with the bike on tick over!
Thanks for everyone with their help on this. Auto Electrics is clearly not one of my strengths, but everytime something breaks I learn something more!
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