No way should the AVR be outputting 55vdc to the exciter.55 dc across x-xx
Do you trust your meter?
Have you tested it on reliable power sources (e.g. across a good 12v battery and measuring a mains socket on AC?).
It might be a dicky AVR (it was only £14

The good news is that you Have a high output from your windings (over 300vac on I assume a 240v set) - suggesting your stator and rotor windings are ok.
You can try this (at your own risk, natch) - substituting your AVR with a 12v battery.
Disconnect X&XX from the AVR.
Connect the pos of the batt to X wire (both ends).
Connect the neg wire to XX... but at this stage DO NOT connect the other end to the batt neg.
Start the set up with your meter across it's output Live and Neutral - even without any dc input there should be at least a few volts residual voltage.
Now place the XX wire onto your negative (not firmly connected in case you want to remove it in a hurry, plus you want to be able remove, as you don't want to do this for more than a few sec anyway).
If all is well, you should get a voltage somewhere close to 240vac output.
If however the Lister engine starts to Labour- sure sign that youve revealed a bad winding short and take the dc off pronto.... its kaput, and if you keep on something will blow/break to no benefit to anything.
If you don't get what you hope for then there s another fault, poss diode or other.
If you do get around 240v (at 3000pm/50hz or very close to) - then this test indicates the alternator is good, but the cheapo AVR is a paperweight.