I'm presuming your referring to the stock regulator in your question...the regulator is not the problem in this case, but a combination of 40 yr. old wiring connections thru' the bike and the fuse holder being corroded. A coating on the fuse clips will cause a high resistance and allow the fuse to heat with normal current ( amps ) draw of the bike ! The fuse clips can 'look' clean but not pass the required power.
In other words, bite the bullet and undo and shine all the connectors on the bike....... takes an hour or two, but makes you good for years ! Don't forget the main battery ground terminal. File the frame for shiny metal and file the ring term. too... Shiny is the key word, don't settle for less,
When the fuse clips are all cleaned-up, carefully bend the clips inward so as the clip has a tight grip on the fuse. Also, look at the back of the fuseholder for burning....... I think you get the idea
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