Yes... the water regulator looks like a RAVE in the water box. The easiest way to check it out, is to take it off... and then take it apart. It's common for the clamp to rot out... and then it just floods the system. When that happens... it will run well... but it looses it's push at the upper RPM's.
So, inspect the internals, and see if anything is messed up. THEN... check the fittings in the pipe, and make sure they are clear.
With that said... if your system isn't charging... then there can be an issue there too. But it's easy to check. Put a volt meter on the battery. Sitting, you should be at +12v. (normally around 12.3~12.7v) Go for a ride, and the voltage after a few minutes running should be +13v. If it's getting upward of 14~15 volts... then yes... the regulator is going bad, and that's where you issue is.