Tim,
You are looking for opinions and mine may well be worth just what you are paying for it, but here goes.
I think you know exactly how to use your voltmeter and the reading you got of 123vac is perfectly normal for either L1 or L2 from your generator, or for that matter, power from the post.
I also think it is very unlikely that the voltage should be anything other than the nominal 120vac you measured.
As to whether the motor has been connected for 220vac service hard to say other than anything is possible and you could have found a reason for poor performance. And yes, it is possible the motor would run - not well - but it could run on half voltage.
Hope this helps. Russ
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