Thank you Sam. I was following the instructions in CDI's Troubleshooting Guide, 6th ed. (i.e. measuring to ground). This information looked somewhat generic, though. Thanks for the above. I will measure directly across the yellows, too for 16vac. I have yet to pull the flywheel to get a good visual of the stator. I have found an upgrade kit with the 4 wire stator and the updated regulator (actually with two-20 amp regulators) from CDI. The current stator is obviously 25 years old and was an obscure setup to begin with the 2 yellow wires (398-9610A5). The original regulator is "golden" at around $400 (18736A15). I will conduct further tests, but I'm fairly certain the regulator is bad. However, the CDI folks have me looking back at all wiring/grounds as you addressed, too. So I'll look back over everything again. Thanks for your help.