At one time, alternators on small engines were unregulated. Basically the battery was the regulator.
I suspect your unit is a "shunting" regulator. Automotive regulators modulate the alternator field, but most small engines have permanent magnet regulators, so that's not possible. A shunting regulator simply shorts the stator to ground when its voltage exceeds the desired level. Obviously they get pretty hot when the electrical load is light.
Something is not making sense here. "Each phase to ground shows 13.5-14 volts at wide open". OK, that sounds pretty good. I assume this is AC. I'm guessing you have a peak-averaging voltmeter, so it thinks the non-sinusoidal voltage of the stator is about 14 Vrms. (If you looked at the stator output on an oscilloscope, it would be a clipped sine wave.)
Then you say "I am only getting 2 volts output of the regulator now at WOT". Huh? The alternator output is the battery input! So even if the battery is nearly dead you should see more than two volts.
Recheck your voltage AT THE BATTERY. Once you get a reading that makes sense, you can backtrack to the regulator/rectifier and alternator.
Assuming this is a single-phase alternator, it's quite possible you could substitute a stock full-wave bridge rectifier as suggested. Note that these devices have pretty small current ratings. You won't have a regulated output, but you might not have one now.
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