The stator does always make ac voltage, however, it does not always make the maximum voltage its capable of making. Thats why the lights dim at idle, and get brighter once revved up. Once the bike hits 6k rpm, it makes the same voltage from 6k rpm to peak redline. The regulator is a shunt to ground, thats how it regulates voltage. Ricky makes a higher resistance regualtor that shunts less eletrical voltage to ground resulting in a higher operating voltage of 12v ac. Basically the regualtor is a fixed grounded resistor with a heat dissipation housing. It regulates at a percentage of the voltage until 6k rpm. so it will go from about 9.85v up to the mid 11v range as it is revved up. Once around 6k rpm, it stays regulated at the mid 11v range. Just like any other electrical system, the more electrical voltage pushed to ground, the more heat will be generated in the harness. Thats why a bad voltage regulator will fry a harness.
Turbo has a 12 pole 3 phase custom wound stator with a reg/rectifier, thats how he gets 500 watts from it, he does not have a stock type dual phase stator.
So sorry, but as you can see as you explained it, your not correct.