Hi Infin and
to the forum.
With a 48V battery, the regen current is unlikely to be as high as 10 Amps unless you are travelling very fast.
I have not been able to test my MPIII properly yet, but the regen current on my 26" MPII is only just over 5 Amps at ~30mph with a 48v Pack, but nearly 17 Amps with a 24V pack.
The voltage and current produced will vary according to the road speed and wheel diameter, but it should not harm your battery pack.
To measure the current, the ammeter
(or its separate shunt) needs to be wired into the battery feed wires so that all the current used by the motor passes actually through it.
Unfortunately the battery voltage from the thin lighting cable cannot be used for an ammeter, but it could be used to power a digital voltmeter which could even be turned on and off using the lighting switch if necessary.
Alan