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98 GSX voltage regulator

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had my 98 gsx ltd in two shops now over 2 months... no one can seem to figure out whats wrong with it after a stator replacement the thing rides like a swan ride / snail. You can see this thread here for details regarding that:
No power / acceleration when pull throttle 98 GSX ltd

After the second mechanic "fixed" it, I took it out today and low and behold its got the exact same frigging problem.. it sits there in the water at high throttle running like a snail.

I called another mechanic now (the 3rd one) and he said 9 times out of 10 when you blow the stator it will also blow the voltage regulator. And by blowing the regulator it would put the ski in limp mode He mentioned they are easy to replace, but I am reading online the voltage regulator is part of the MPEM? Is this true? and if so then do I need a new MPEM or are there any kits to mod it with an external regulator...

what a crap summer with my one ski defecto for half of it and two mechanics chanrging me good dollars for not fixing the problem... maybe 3rd time is the charm ?
 
Alright, so I don't think its the voltage regulator like the 3rd mechanic says because I took the MPEM out of my one seadoo which is indentical and put it in the other. Swapped the keys... same problem. Pull the throttle and it revs up but comparing directly to the other seadoo now on water in my driveway I can for sure hear that something is wrong. I think the engine might be f***. Lots of smoke coming out of it now, and when pull full throttle you can clearly tell the power behind it is no where near what my other identical machine. So after a blown fuses, stator replacement, complete jet pump rebuild (and apparently all the mods added), this thing is still toast. I am thinking core engine issue at this point...
 
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