Steve,
The trigger does produce a voltage spike once per revolution but it happens so fast (1000rpm and up) that that you wouldn't be able to read it with a voltmeter. If you have access to an oscilloscope, you can read it that way. There is an illustration of the waveform of a properly operating trigger in the heavy maintenance manual. (click on manuals under the support tab at the top of the page)
I've never actually checked a trigger with an oscilloscope. Every trigger I've ever checked, I've done with the volt/ohmmeter.If you are getting the proper ohm readings, and apparently you are, I'd say the trigger is OK and the problem has to be the gauge. Unless the trigger has been moved, I doubt seriously it is out of adjustment. Maybe Rob or Roger could jump in here and lend their expertise.
Bill.