firefly587 said:
Should I therefore take the average, maximum current values the multimeter presents and multiply by the voltage to get the most accurate representation of it's power output?
Since you are experimenting with a wind generator, it's a good time for you to learn about the Maximum Power Point (MPP) and how important it is in power conversion from wind, solar, hydro, etc.
Are you familiar with the concept of the maximum energy transfer from a source to a load? And how matching the load resistance to the source resistance gives you maximum power transfer? For example, if the source resistance of a battery is 100 Ohms, then you get the maximum energy transfer (and max power transfer) if your load is 100 Ohms too. It the load resistance is higher than 100 Ohms, you get less current than the MPP, and if the load resistance is lower, you get more current but less voltage, and the power transfer is again less than at the MPP. (Remember that Power = V * I)
This is used in power generation like in your experimental setup, because if your load resistance (or "impedance") is not matched to the output resistance of the generator, you are wasting power. As you saw when you short-circuited the output of the generator, you got very little power out. And if you open-circuit the output of the generator, you get little or no power out.
So in your experiment, you will get the most power out by using a potentiometer as the load, and varying the resistance until you measure the most power (monitor both Vout and Iout using two DMMs -- the Vout DMM is across the pot, and the Iout DMM is in series with the wire to the top of the pot). Put the numbers into an Excel spreadsheet to start to get a feel for what the output resistance is for your generator, and what the MPP is.
Then, you can vary the wind in your setup so the generator spins faster, and find that new MPP. It will generally vary with the wind velocity. In real life, voltage converter circuits are used to match the load to the output impedance of the generator. Without these MPP converters, solar and wind generators would be much less efficient!
Maximum Power Point Tracking (MPPT) at Wikipedia:
https://en.wikipedia.org/wiki/Maximum_power_point_tracking
EDIT / ADD -- If you do use a potentiometer for the load of your generator in your experiments, be sure it has a power rating that is high enough so it will not get hot as you get close to the MPP. Maybe start with a 5 Watt, 500 Ohm potentiometer...