I had the generator completely rebuilt for the 64 1/2 Pace Car by my local electrical guy. After a nice moderate drive I noticed that there were chicken pox red dots all over the underside of the hood - not on the motor, not on the fan. At first I thought the auto trans lines has come loose, but there was nothing on the motor.
I then looked at the generator and there was some red, waxy stuff laying in the shield and on the frame rail. Once I looked I saw that the fan of spray on the hood matched the notch out in the generator shield, I pulled the generator and checked with my rebuilder.
It turns out, the innards for these things now come from China (can't get US built anymore) and the field coils are covered in a red, waxy film to prevent rusting coming over on the boat. The problem is that this wax melts and gets slung all around by the generator fan.
It does stain and we may have to repaint the underside of the hood.
Generator is rebuilt with original parts from some spares I had laying around. Tip of the day - Avoid putting crummy Chinese made stuff in your car.