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1997 Mercury v-200 Carbureted: Major trouble shoot

Easternshore19

New member
Hi all, new to this forum. I have been around 2 strokes my whole life and have a good knowledge base, my dad was OMC mechanic. So, engine runs to 2000 rpms, I checked spark, spark plugs, carbs, timing, oil pump, fuel pump, wires etc. I rebuilt carbs and fuel pump. All new spark plug wires and boots, cleaned all eletrical contacts and dielectric greased. New fuel lines, new fuel filter, cleaned VRO tank and pick up screen. It bogs at 2k rpm. Idles all day can run at 1700 rpms no problem. Did OHM resistance on stator and trigger all within spec. I finally found some solid evidence as to why I am having issues. Yellow stator wires to voltage regulators are BURNT. Picture's attached. I also had a charging issue too. Do you think it is safe to say the regulators are shot? Any feedback would be awesome, thank you!
 
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