Voltage in battery had dropped from 13.1 down to 12.22 when I got home from the office, so I tried your method, Stev-o. Ran the engine up to 4000 rpm's and confirmed the voltage on the battery didn't increase at all.
I suppose there could theoretically be an issue with the stator not actually generating a charge but I'm betting the issue is more likely the regulator and/or rectifier since they were the original ones from the bike. So I'm going to order a Rick's regulator/rectifier combo and replace the ones I have on there now.