Awesome, yeah that canister you should yank all of that stuff out, it robs the engine vacuum and sometimes there isn't enough to open the petcock. Also that crap doesn't let your tank vent and puts exhaust back into the intake. Don't tell the EPA but if I ever have a customers bike running poorly that's the first thing I do free of charge is rip every emissions thing off. You will have to block off the vacuum lines that go to the two emissions giblets. I think I did a write up, but it all boils down to just taking the two giblets off, and blocking the hoses that went to them. Your bike will run a LOT better. Also, when you crank your engine does gas come out the fuel line when it's not connected to the carb? You could have a blocked fuel passageway in the carb, and it won't flow of the float is closed, so if your holding the carb up-side down the weight of the float will close the needle and not let gas in the float bowl. Lastly, was the smoke coming from the wire itself or the connector of the voltage regulator? If its the connector it might just have a bad contact, there's a lot of ac voltage going in there and a poor connection will smoke when the electricity jumps that gap. If you haven't, buy our download the service manual and there is a very easy ohm test to determine if the regulator\rectifier it's bad, all that's in there is 2 large diodes, 3 on full phase bikes.