It seems the stator is bad. (Presuming I checked it correctly, that is). Battery never reads more than 12.5V, regardless of RPM (12.25 @ idle, 12.5 @ 5-9K). This battery is a week-old AGM battery at 14AH, so it shouldn't be the problem.
The bike has 5400 miles on it now, and the stator looks great. No sludge, no melted anything...but still has the low output on that one circuit. I plan on checking it again just to be sure.
What could cause failure at such a low mileage? Could the famously poor R/R kill the stator? I bought a Compufire before I had the chance to go through ALL of the stator papers (impatience is my superpower, what's yours?). The implicit follow-up question is, of course: should I keep the Compufire?
(And because it can't be overstated....thanks to the members here that created the stator papers and BassCliff for that huge pile of info)

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