Hi Blackburn,
Good question.
Exmil109 will know a lot more about this than I do. But here is what I do know.
In terms of my particular battery (Odyssey Extreme AGM type deep cycle battery) 14.8v is good.
Standard lead acid battery though, 14.4v is generally regarded as max, I think?
The Autobooks test for the 4TR is to warm the system up for minimum 8 minutes, runnning the engine with the ALTERNATOR at 3000rpm, and turn only the side/tail lights on (2A load). Test the current from the alternator output, which should be less than 10A. And test the voltage across the battery, which should be between 13.9 and 14.3v. But this is on the basis of the original transistor type 4TR, which was adjustable. Autobooks solution, if the voltage was outside these limits (and stable), was to adjust the voltage back to within the limits. Of course adjustment is not possible with the modern PCB replacement.
Also there is no mention of whether the voltage might be expected to be higher under more load. But there must be a reason for having a fixed 2A load together with the stated voltage range, during the test.
I found a Lucas test while looking into this. And they say roughly the same, except that the ENGINE should be at 3000rpm, rather than the alternator. But they still don't say what would happen if you increased the load above 2A.
The Lucas fault diagnosis manual is more comprehensive than Autobooks, and has additional tests on other parts of the system, so I will try and upload it, in case it is useful for anyone looking at this post in future (Page 34 for 4TR test).