I can't say I have much hands on experience with dynamos beyond checking the oil level and turning one on or off. I do have one to rebuild at some point for SVRy 20, so have talked to at least one expert. I think Bernie Watts told me that the governor should regulate the speed so that no load voltage is 34 volts max and down around 30 volts at full rated load. The head light and cab light bulbs are rated at 34 volts. My recollection was that Bernie said when the governor parts become excessively worn you get a lot more spread between no load and full load voltage, which means you would have to adjust the governor for mo more than 34 volts no load so you don't burn out bulbs, but then the loaded voltage would could be low.
This sounds like what was going on with 483.