Usually 18 to 20 v AC is at tickover and is could be as low as 17 and as high as 25 depending on the tickover speed. The AC voltage levels increase dramatically as the revs increase, it could increase to 100 v AC +, which is why I would not recommend testing it higher than say 2000 revs unless you have the proper meter with the proper insulation ratings. I don't know what the Fazer ones go to as I never at any reason to try.
The Alternator is a 3 phase unit and requires 6 diodes to convert it to DC. The reason 3 phase is used is that it gives a smother DC output before the addition of capicators and maybe coils to smooth it to a clean DC. See first Picture.
The regulation can contain some complex electronics to control the regulation of the voltage under various load condition. The second picture is an example of one of the newer type Japanese rectifier/regulator. A bit more involved than the old single phases bridge rectifier circuit
In answer to the question, yes a blown main fuse can cause the same problem.
A flat battery would have the same effect, but not as quickly as a blown fuse or disconnected battery. That is the reason why you should change a battery that goes flat regularly as it puts more load on the regulator.
The Alternator is a 3 phase unit and requires 6 diodes to convert it to DC. The reason 3 phase is used is that it gives a smother DC output before the addition of capicators and maybe coils to smooth it to a clean DC. See first Picture.
The regulation can contain some complex electronics to control the regulation of the voltage under various load condition. The second picture is an example of one of the newer type Japanese rectifier/regulator. A bit more involved than the old single phases bridge rectifier circuit

In answer to the question, yes a blown main fuse can cause the same problem.
A flat battery would have the same effect, but not as quickly as a blown fuse or disconnected battery. That is the reason why you should change a battery that goes flat regularly as it puts more load on the regulator.