These units are made to generate a small voltage without the regulator. The output to the convenience outlet follows a different path than the output to the terminals in the lower left of the unit.
If you are getting a small 20 - 30 or so volts out of the convenience outlets then it could be that the regulator is not operating. A quick test of this would be to measure the voltage at the convenience out let when you are first starting the generator. Once the starter disconnect kicks in the unit applies a DC voltage to the excitation windings to get things going while you are still holding the START switch in the START position. At that point you should see around 110 or so volts at the convenience outlets. Once you release the START switch that DC excitation voltage goes away and the regulator kicks in to keep things operating.
If the generator will make 110 or so volts during that short time that you are holding the START switch in START, but quits when you release the START switch, then the regulator is not doing its job. If it never generates the 110 volts at all, then it is likely one of two things...
First, a broken or misplaced wire or loose connector between the output of the voltage regulator (the pin number escapes me at this time) ---
or
Second, a bad stator. Replacing the stator is not too difficult, but one has to remove Sooooooooo many screws, at least 7 or 8 that have rusted together or the threads have stripped inside the nut. I wouldn't start to do that task unless I had the "new" stator in hand, a place where I could get that bearing that goes on the rotor (just in case), a good torque wrench, and a way to lift the stator(s). Last time I did this I used an engine hoist. I've not tried to do it while the engine is still on a trailer, but I think that could be a risky thing to do, what with the weight shifting "back-ards and forwards" and side to side with the CG moving in unusual directions.
There is also a bridge rectifier in the rotor. I don't think they go bad often, but that's a possibility.
good luck
z