I truthfully have had only 3 mercs come in,,,for inconsistent issues,,,and am not a merc xpert,,,just applying basic diagnostics,,,always starting at the battery,,,( load tested)...good connections,,,also,,,check the ground connection to the motor,,,(I will sand all surfaces),,,anyway,,,all 3 were not charging,,,found the yelllow wires at the "handshake"coupler to be heated,,discoloured,.in theb1st case,,,I changed the reg,,,but customer brought it back,,,after many hours of merc searching,,,the stator also charges the hi and low ignition circuits,,,,so I pulled the fly wheel and replaced the stator/ignition,,,when I started it,,,it sounded as if was injected,,sounded amazing,,,(it was carbd),,,sometimes I will cut out the yellow heated coupler with straight butt,connectors,,,to reduce the resistance of the "hand shake.",,,
Therefore as an amateur,,,Having only read numerous merc forums,,,I would replace the stator/ignition,,,and the regulator,,,since the charging circuit and the failing if the hi low ignition coils can cause headaches,...removing the flywheel is so easy,,,and so forbthe extra cost,,,you are eliminating eventual electrical issues from the stator/ji low coil.,,,the heating of the yellow charging coupler wires from the stator to the regulator is very common on older 4tec seadoos,,,just my "3"cents.