I'm reading 130VAC on the output. Can this be

It should read 115v-120v with full load. Yes, you can slow the engine down just a little, depending on the engine, there will be a high rpm adjustment. 130v with full speed, no load, is really not too bad.

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I am having the opposite problem ....my volts are only reading 98 volts and not 120volts. It is only powering my equipment half tilt and I am afraid it will mess my power equipment up. Can this be adjusted up?

Anything over 110v to 135v is fine but you need to keep in mind your HZ. You need a multimeter to set it at 60 HZ. Nevermind the voltage if its between 110 to 135. Setting the HZ (frequency) is more important. set your idle up till it reaches 60 hz or so and then check your voltage. if you cant get both between specs check your burshes.

Is 138 volts output with no load too high on a coleman powermate 2250 watt model