For what it's worth the K5 is now charging more as expected. Max voltage starting at ~12v battery was 14.4x around 3000 RPM, 13.5x with headlight on at slightly more RPM. The K1 has relays on the headlight, the K5 does not. I'm thinking maybe it's too much current though an old headlight switch which may have dirty contacts that have never been cleaned. I'm making a relay harness for it now and will see how that affects things. Will also clean all connections in the bucket.
Calj, time to refurb the harness on both bikes? The K1 is a ~2 yr old restore with mostly new wiring, switches were disassembled and cleaned, replaced all connectors from the switches on the bars, etc. Only been in the rain twice. The K5 seems to have been slapped together quickly by PO, some new parts, some odds and ends repaired or replaced but general lack of attention to detail. It does have a new harness, key switch, regulator, and misc connections though.