Recommendations:
-Replace BOTH Regulators using only the latest OEM Mercury/Quicksilver Regulator
-Replace ALL browned, blackened or burnt Bullet Connectors
-Install a WET CELL, Traditional Cranking Battery with at least 800 CCA Capacity. DON'T use maintenance free, AGM, Lithium, Gel, etc.
-Make sure connections are CLEAN, engine-cables FIRST, remaining lugs Largest to Smallest, and finish off the connection with a Stainless Locknut. DO NOT use wing-nuts.
Improper Battery Type, Bad or Heavily Discharged Battery, and Poor Connections are the leading causes of Voltage Regulator Failures. Pay very close attention to the above recommendations- as failures can potentially result in something that "Smokey the Bear did NOT refer to as a "minor thermal event"".