Came with no headlight (replaced with a number plate), tail light (replaced with an MX fender), or lighting switch.
Picked up one of these universal headlights http://www.ebay.com/itm/GREEN-RACING-MO ... 1192882614
35W incandescent with a high and low beam setting plus a 5W incandescent lamp that I assume is a parking lamp.
And one of these Acerbis tail lights http://acerbis.com/prodotto_detail.php?idp=788
Up front, I find these available wires (red and yellow):

And these in back (red and black/yellow):

Voltage measurement on the yellow wire alone was about 49 VAC at idle.
Yellow connected to the red (I believe this is now floating the voltage regulator) was about 3.5 VAC idle, and up to 4.2 VAC with some rev. I did NOT connect either the tail light or head light loads.
In referring to the wiring diagram on page 14-5 of the KDX200 1994 first edition service manual, the yellow wire connects to red via the lighting switch, and the red then powers the headlight and taillight and connects to the regulator.
So, to the questions. The regulated voltage of 3.5 to 4.2 VAC does not seem right and I was expecting to see around 12 volts. Does this seem like a voltage regulator problem? Or is this a magneto problem? Do I need to connect a load to the red wire for the regulator to balance to 12 V?
As a side note, once this power issue is resolved a Vapor computer will be installed. Rewinding the magneto for higher output is being considered but I didn't want to do this yet unless necessary.