I remember seeing something about repositioning but as usual can never find the link....however ones guys idea is to mount it above the airbox !!!
http://members.aol.com/TBoling125/ducati_st2.html however an answer was posted here as well in the 748 forum:
Voltage Regulator. Voltage regulators fail due to overheating because they are located inside the fairing where they don't get enough cooling air. The solution is to either move them to a cooler location or to carry a spare. Actually, I've done both (after five failures). When I changed the alternator wiring, I mounted an Electrex regulator to the back of the license plate bracket and left the Ducati regulator in the stock position. Keep your battery on a trickle charger to avoid prolonged high charging currents.
LOL - I just knew it would be Shaazam! that posted it.....
http://217.199.188.40/xmb/viewthread.php?tid=4253 F