The AC voltages sound quite healthy, but does the stator deliver power? Is the orange/yellow coil lighting the headlamp? What happens when you assign the charging coil (black / red) to the headlight power circuit instead of using orange yellow? This should be safe for a short test although I would think it would overheat the AC regulator in extended service. If I had one, I'd hook a 2nd headlamp in parallel to give the charging coil a bigger load. If both coils are capable of lighting the headlamp (or headlamps), I'd personally call them good and move along.
It sounds to me like there is a discontinuity between the AC and DC sides of the charging system, something that could be present either inside the Rect/Reg or external to it. Can we assume that you have verified that the wiring for the charging circuit is continuous, and the connectors are making connection? I'd do this by probing the furthest points of each conductor, and verifying continuity. One can "back-probe" connectors, or stick a pin through insulation on a wire to further along a conductor if there is some evidence of discontinuity.
Getting further "Out there", although I've never seen the fault, and never heard anyone else describe finding it in practice, I have the idea in my head that a regulator could be fooled into regulating to a lower value at the battery by being attached to a high resistance conductor, on either the the power side, or the ground side. If some IR voltage drop is occurring in one or both conductors between the battery and the regulator, it seems to me that that the regulator could be doing its job just fine, completely ignorant that the battery was seeing a substantially lower voltage. Ohming the conductors, voltage drop tests, or the use of known good bypass jumpers from battery to regulator could quickly rule this possibility out.