You should be getting about 28 volts, give or take, at the battery terminals when the set is running. If the fuse is good for the DC charging system, and you replaced the DC VR with a known good one, you could have a bad stator winding behind the blower wheel. While these very rarely go bad, they have been known to go bad. Take off the back cover from the machine so you can access the DC voltage regulator. Find the two terminals for the DC stator winding and take them loose and meter them for an open. If they are good, hook them back up and start the set (CAUTION...DO NOT run the set for an extended period of time with the back cover off, this is an integral part of the cooling system and you will overheat your engine of you run it too long). With the set running, carefully use a volt meter on AC volts and measure the voltage of the stator leads while the set is running. You should get somewhere in the neighborhood of 30+ AC volts from the startor. If it fails either of these tests, the stator is bad. If the stator is good, and the fuse is good, then the DC VR is bad.
Let us know how you make out.