The meters have a very small max to full scale. Usually the ultra fine print on the meter face will say what is full scale.
I pull the frequency box and attach a 120vac household suicide cord to it and then put a known good meter on it. Leave it on overnight if drift is an issue.
Most of the transducers can be repaired in a couple of hours for about $2 or less worth of Radio Shack capacitors. If the box has screws on it don't touch them. Drill out the rivets and open up the box. Identify the capacitors and replace them. Look for burnt diodes, if any, and replace. The larger wire wound resistors may burn if the capacitors go out but those resistors are probably still good as is.
If you cannot do this and solder new capacitors in than an electronics supply / repair store can usually do it in a day for less than the cost of a new box. I think a new box is around $150 and unless just made its capacitors are already aging towards a failure.
Most have an adjustment screw that can set the meter at 60.0 with the suicide cord. Then re-assemble.
Most of these applications pull the power offof the 120 outlets wiring. run the gen and measure at the outlet, then the box input. If input 120 is at the box then verfy output with a good meter, and if none then re-capacitor the box.