You've got it right, Jimboz, except for power factor
Since the field current is a function of the applied voltage, you can look at it as either current or voltage. You can always just add more resistance to reduce the output voltage and current and keep the harmonic excitation, if you don't mind some voltage variation with load.
Power factor (PF) is a measure of the mismatch of voltage and current waveforms on the line load, and is only a factor in that if the power factor of the load is bad, the generator must have enough "head room" in it's design to provide the extra current. Also, a very poor (0.5) PF load such as those presented by some bad switching power supplies in battery chargers will tend to "chop off" the top of the AC waveform. This is a problem for AVRs that don't do true RMS regulation, but it may also be a problem for other devices on the load which were expecting a sine wave with an appropriate peak voltage. Newer designs with power factor correction spread the current load throughout the sine, boosting voltage when it's low, bucking it down when it's high, matching the current waveform to the (sine) voltage.