Thanks very much guys, you gave me something solid to go on.
The wiring schematic (my regular manual didn't have this section!) proved useful in testing the AC stator output with the reg unplugged. Got up to ~100 volts with a brief rev or two.
Looks like its definitely the reg/rec as I tested again after cleaning all contacts (regulator pins were full of mud) and absolutely no DC is being supplied upon revving.
Will post a follow up after the replacement is installed. Cheers
