You test the VR by testing the output of the alternator. I was thinking more in terms of physical condition -- like, if the brushes are pretty well worn, just slap in a new one, they're only about $20. If the Alt has more than 50k on it, just stick in a new VR. It falls into the "while you're in there" category.
If it's really dirty and oily, get a can of electric cleaner from Yardbirds (if they still have
anything in stock) and just spray away. It's meant for things like alternators, I did it to my
535i when I got it 115K ago and the alt is still going strong so it can't hurt much. It
won't hurt plastics for the most part. Brake cleaner or carb cleaner are too strong and
could melt the insulation or penetrate into the diodes.
You really need a meter, even if it's just a 5 or 10 cheapie from Harbor Freight,
something to measure voltage. Voltage regulators fail mostly just by wearing out the
brushes, which are replaceable if you are ok at soldering. Or just pick up a used one
at Pick and Pull, they're cheap up there.