Is a VOM set to AC voltage adequate,
Quick and short, YES. Spinning as fast as you can you should achieve 5-6 volts. Make sure the output nuts are tight whether on a forked connector or just using clips, the nuts complete the circuit, and your readings will be off if they are loose.
You can also test for continuity before the test. The magnets should almost be able to be felt as you gently rotate the wheel, not much but noticeable. That's a good sign right there. Continuity, some magnetism, good signs it's a keeper.
Not many bulbs on the market that are compatible with it's low output. For mine it runs the rear light (cool factor), and I use a separate rechargeable LED for the front.