The old one was probably working correctly, the voltage was correct, you only got nervous because of the heat.
On NSRs they get very hot. maybe you should go back to that one, and then, if you still think its too hot, mount it on a piece of alu with cooling fins or find a computer ventilator, 12V, and install it in front of the regulator.

If your connections from the generator to the rectifier/regulator and to the battery, are correct, i.e. they don't have any voltage drops, then your new regulator is not working correctly.

With that high voltage, it doesn't drop much of the original voltage from the generator, so of course it doesn't get as hot as the old.
_________________
Poul
"If Life Gets Boring, Risk It!"
MC21SE, KISS box
MC21SP, HRC box, racing loom