Re: 40hp merc voaltage regulator.
Those rectifiers are very sensitive. Common causes of a blown (melted) rectifier include incorrectly hooking up the battery (ie positive cable to negative post, and negative cable to positive post). It isn't extremely unusual for one to melt. Mine did. I replaced it for 30 or 40 bucks. I'm not sure about a bad stator causing this to happen, but it could be a possibility. Sometimes you can find those stators cheap, if you do, replacing it might not be a bad idea.