If you want to tackle the regulator, the place to start after removing the cover, is the cut out. Do not do anything until you examine whether the cut out points are closed with the engine running at 1/3 to 1/2 throttle and that they open with the engine at low idle. If the cut out points do not close with the engine running at 1/3 to 1/2 throttle, take a non-conductive object and very gently push the moveable point on the cut out toward the fixed point. As you start moving the point, note if the electro magnet picks up the movable point and pulls it closed. Remove your probe and observe if the electro magnet is able to hold the points closed. When the points are closed, either manually or by the electo magnet, check your ammeter to verify that you have a positive charge. It is helpful if you have a friend observe the ammeter as you perform this test. If you have a positive charge when the cut out points are closed, you will need to adjust the cut out point gap or the spring tension holding the movable point open since the electro magnet is not able on its own to pull the movable point to the fixed point. There are two different approaches used in dfferent regulators. In one version, you adjust the spring tension and in the other you bend a small tang that holds the movable point in a pre-set, spring loaded, open position. If your cut out looks like the one pictured in the instructions provided by Rudi, you will need to very slightly screw the adjusting screw in to reduce the spring tension of the flat spring resting on the head of the screw. You only want to reduce the spring tension enough to permit the electro magnet to pull the point closed when the engine is running above low idle. You want the cut out to open when generator output drops off at slow idle. As a precaution, do not make any adjustment on the regulator with a metal screwdriver unless you first disconnect a battery cable. If you feel up to it, give this a try and report back on what you find.