Did you test it with the engine warmed up?
also, are you testing with the STATOR wires disconnected or plugged in like the picture?
If tested disconnect with 12 VAC @ 4,000 rpm with a warm engine, stator is FUBAR. Remember that Amperage increases as voltage decreases, so a high load from the voltage regulator to a stator with low output will cause a high amp draw on those wires, and any resistance (i.e. the connectors) in that line will create heat that will melt the wires/connector. I would also test the voltage regulator as well (should be in the link i posted), as it may have been damaged from the current draw.
and if that doesn't work,
Try This