Hi,
   I'm with Doug on this one, read the code book, follow it. People spent years on it, it works well, and covers almost every situation you can name.  The one point I will add, and it's been partially covered before:
Your fuse/breaker is USELESS unless the engine & drive system attached to your alternator have the power to actually open the fuse/breaker.
Lets say you have a 5HP Diesel driving a 50kW head. Say you ingnore me, and size the breaker for the 50kW head. You overload the generator, and depending on the exitation type, the engine either stalls (breaker has done nothing), or slows down to a point where the field partially collapses, Volts & Hz sink, A increases, but maybe (probably) not high enough to trip the breaker (breaker has (probably) done nothing once again). In the latter case, if the breaker does not trip your engine lugs at wide open throttle, low RPM, until you or something (over temp sensor??) stops it. Not a good scenario. Â
Use the code book to get the breaker size, but size it to the GEN HEAD and ENGINE! The code book assumes that generators are commerically built units where one will always find the engine is rated for more kW than the gen head. Remember that most listeroid installations are the reverse, ie. Genhead has a higher kW rating than the engine powering it, so the code book can be misleading in this case.
Steve