If the coil is working, it's working... The regulator isn't wired correctly or isn't working... All it does is clip voltage off and get rid of the excess...
I wish I could be of more help! Is the regulator 1 wire or 2? If memory serves it connects to a single pin on the board and then to ground, sometimes the ground is though the hole in the middle of the regulator depending on the type you were given....