Well, the regulator didn't fix anything. Still just battery voltage. I do have a clamp on ammeter, and it's reading a solid .07 amps. So, I guess I'm at the stator now. Before I throw more parts and money at it, I'm going to swap the flywheel for the one the stator was originally matched with on the ELS 22hp. I guess it's possible that even though they looked the same, there might be a difference in the magnets or something. Just ran the engine for half an hour or so, so it's a little too hot to work on right now. Tomorrow I'll get it swapped out and cross my fingers....