Thanks Barry, appreciate the insight & suggestions, given limited time, I have gone ahead and ordered a new regulator from Sherlocks (standard electronic)
BTW, here is an update from Rooster Ignitions
We manufacture the RB1 to allow operation at low battery voltages in case of emergencys and therefore your module will continue to operate at around 8v or even lower if your ignition coils still pass a spark. As a result of this the high end of the range is no where near as tolerent and 14.5 is about it.
What then happens is that the main power resistor gets so hot the solder melts... this is what was causing your misfires and bad running. As it cools and the solder solidifies the module continues to work again. It is possible for the main power resistor to fall out of the pcb but this kind of acts like a fuse and stops any other damage.
The chances are, your module is ok.
The only other cause of this problem is when the ignition coil or ignition coil array has a low impedance... we recommend 2-4 ohms althouth slightly higher will not hurt the module.
If you ever suspect your ignition coils, simply fit a single dual output 12v ignition coil.
Be-aware however that the high voltage will be harming the rest of your electrical system, especially your battery and your points, condensor and coils. It may also cause premature bulb failure as well.This last point might explain why I had to replace a coil on the bike a while ago, I just hope that's not happened again (thinking about the couple of backfires I experienced at full throttle yesterday evening), probably also explains why the last set of points was in such bad shape
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Update:
Well boys and girls here is a lesson of what can happen to a 2 month old battery when its having a couple of volts too much charge applied,

, seriously depleted electrolyte levels, I need to get some distilled water fast!, but if its that low do I need acid as well?

and here is the accused:

Contacts do not look that bad, while I'm waitinng for a new regulator, I I wonder if I could do some testing with an old battery and optimate charger.....

More money but as I have doubts about what it also may hav edone to 30 year old coils, am considering this:
http://www.bmwbayer.de/Power-Ignition-set-for-Contact-braeker.html