I'm not exactly a whiz, myself, but FEMM has made things much easier.
...could a coil get so saturated with flux that it no longer produces more voltage?
Copper is conducting electricity, and the current flowing in the coil generates the hated back-emf that eats away at your voltage. The more heavily you load the alternator, the more back-emf there is, and in most systems this brings the alternator into some kind of equilibrium - where the power fed in through the rotor blades and all is taken out by either losses or the load. You say yourself that you are heavily loading your stator. Then back-emf is what you're causing, and I bet you're seeing voltages well below the open-circuit voltage. A dead short, then, gives zero voltage, for the same reason: back-emf is equal to open circuit voltage at that point.
If however, you're asking about the generation of eddy currents in the copper, irrespective of the current, or back-emf, then I really don't know what to say there, yet. I dug up my old university physics textbooks to get myself this far, and that wasn't covered.
So far, the only consequences of "flux saturation" that I know of are the increased torque associated with generating these useless currents, and the heat produced, but this has always been described in reference to stator plate materials, or too much hardware mounting the stator, etc., not in the wire iteslf.
One of the local experts could step in and correct me on that part, if necessary.