Problem Resolved
After carefully reading up on "polarizing" a VR, I installed a new regulator (taken from a my Oliver Super 55 which didn't need it any more) and installed into my 127. After polarizing, it began working immediately upon start up.
After reading various posts about needing to polarize these things after dead/replaced/disconnected batteries, I wonder if that was actually the problem. This thing sat unused for a few years and the battery was definitely 100% flat.
If you're reading this for your own consideration in the future, here are key points to watch out for.
If you're not replacing with an exact replacement VR, be sure to follow the markings stamped on the VR leads. They very well may not be the same as the original.
In my case, "F" was the same position on the right, but the "GEN" from original became the back side terminal, which was not marked and I had to determine based on process of elimination. BAT moved from the left terminal to the middle, and I didn't need "L" (Load).
I found a quote in another thread here directly from a CC manual, that to Polarize the VR, quickly jump from + side of battery to the "GEN" connection (wherever that is) with everything fully connected, but not running.
You get a pretty good spark and you just need a quick touch. Definitely don't want to hold it there.
If I get time, I may put the old VR back on and try polarizing it, just to see if that was the real issue.
Thanks for all the tips and help!
Paul
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