Use a Hz meter (frequency meter) instead of a tach. Adjust the Hz for 60-63hz. If Hz is too high the voltage will be high.
Without a load the lo voltage should be 125-135volts. Their usually is a large Phillips head screw up under the gas tank around the carb area and a large spring associated with the governor arm and carb linkage for setting the gen speed or Hz. Put a witness mark on the screw head and count number of turns you have to make to bring Hz down. (witness mark is for doing a reset to original setting if necessary later) If you do not have a electrical Hz meter you might try adjusting the rpm down too lower the voltage to 135 area and see how she acts. Then use your tach as a reset to 3620 if needed later. Normally for 130 volts on a 60 hz gen the rpm's are around 3750, but HZ (cycles per second) is what you really need to check. Sometimes you can find a HZ meter on ebay reasonable, but do not connect a wimpy electronic Hz meter to a Higher voltage than it's rated for or it may zap.
The auto throttle is a sensing solenoid connected to the carb throttle and pulls the carb throttle when senses load current of approx. 1-2 amps or more. check for any linkage binding mechanically first. Then try a resistance load for example a electric heater of about 1500 watts or so to test the auto throttle. (150 volts and surging will usually burn out light bulbs)
If you can find out what model Honda it's close too let us know.
I have some Honda service data for several of their gens with troubleshooting tips on a CD. Northern tools will probably only have owners manuals, not SERVICE manuals.
Honda voltage reg's very rarely produce a high voltage, they usually operate correctly or no to low voltage. High voltage is usually too high a rpm.
Also NEW Honda voltage reg's are usually expensive, like $300 plus, and are sealed electronic module item and no warranty or return refund once purchased. I've bought good used Honda reg's from ebay for around $30-50 with careful shopping AFTER obtaining the correct part number. I've also seen the module reg become intermittent, no voltage then correct voltage erratically.
You might also try asking at this site for Gen issues. Look under the Honda section for posting. It's a gen electrical issue site and several old technical foggies hang out.
http://www.smokstak.com/forum/forumdisplay.php?f=6