Ok. Stumped other than the fact I received a new, bad rectifier-regulator, which still seems highly unlikely but not sure what else there is.
From the service manual..
1 Test - battery charging for no battery charge (skipped). There's definitely charge happening
2) Remove R-R connector, test voltage @ 3600RPM. Voltage ~38VAC at Idle, ~50VAC @3600. Good
I Think. Specs say > 28VAC
3) Check stator resistance - 0.0 ohms - not open, good
4) Check each stator lead to ground - not shorted, good.
From the next section in the service manual - "test charging system for battery continuously charging at high rate"
Like
@StarTech posted from the manual, Checking B+ to ground at 3600RPM I'm getting 15.8V, which is bad.
I traced all the wires and studied the wiring diagram. There are a number of safety switches and the obvious ignition switch (and backup PTO lockout override button) but nothing seems related. The B+ terminal feed back to the battery is quite simple and direct.
I guess I could leave the R-R disconnected and trickle charge the battery after each use, not sure how much battery draw there will be.
hmm.