I had the same symptoms (though intermittent) and bought an aftermarket regulator from Deutschepartsusa on Ebay. Everything was perfect for a week, but then the new regulator failed and took the blower with it. I returned the part to Deutscheparts, but they refused to refund my money. So if you got your new part from them, they may have just sent you my bad one.

When you check for voltage output from the regulator, is it with the motor unplugged? I assume that you can confirm the motor is good by giving it 12 volts straight from the battery.

When you say the regulator has voltage going to it, I assume that you mean a constant 12 volts. I don't remember how I diagnosed mine, but I must have looked for a change in an input to the regulator when I changed the fan setting on the push button unit. I think you need to rule out any problems upstream by verifying this changing input to the regulator. I hope your control unit is still good.

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