The Voltmeters are probably reliable, it's the wiring that lets them down.
Is a Spada an SP II, if not the wiring is probably similar
http://www.thisoldtractor.com/guzzi007/schematics/1983_SP_II.gifI wouldn't worry too much as long as the bike is starting but clean the ignition switch
contacts and fuse contacts, I think you will find a big improvement.
It looks as though the lights and Voltmeter well after the ignition switch and fuses so there's
probably quite a bit of Voltage drop, I suspect the battery is ok.
Give everything the once over, you might find the lights improve.
I usually suggest adding a new 40 Amp main fuse at the battery for these old girls, cheap insurance
against a total melt down.