I did not do a very good study of them , but it looks to me like you set the speed of the generator for 60 hz ( probably under some load) and then you adjust the voltage regulator to the desired voltage.
It may depend on how old your generator is. I don't think my 20 year old one has the voltage regulator, but the one I bought a few months ago does. The little 700 watt HF unit only has a motor speed adjustment screw and it does not seem too reliable as to holding the voltage from one start up to the next. I bought it mostly to power electric tools away from the house and to light up a small shed that I don't think it is worth while running power to. Now I have a larger generator with wheels on it, I know I will not run power to that shed.