After reading through mainesail's articles again, I think I'm going to try rebuilding my Prestolite instead of retrofitting this piece of garbage. The previous owner reversed battery polarity to release the magic smoke. I can easily test (and probably see) damaged diodes but setting up a test with a power supply and whatnot for the regulator is probably more time and money than it's worth. What's the likelyhood that the regulator survived?
On second thought, I should be able to test the regulator with a DC power supply right? I've been reading that you need an AC power supply. Do these things regulate AC or DC voltage? Most 120V PSU's convert to DC before regulating. However, If AC, could I simply do two tests with a DC PSU with different polarity applied to the component?