The next step should have been checking the brushes and slip rings. Did you check the resistance on the slip rings and inspect the brushes and the holder? 90% of the time this is the cause of your problem...
If the brushes are ok, slip rings are clean, ohms test on the slip rings is ok, then here is the voltage regulator test procedure I posted in another thread....
http://www.irv2.com/forums/f54/onan-...ml#post2109495