It could indeed be the regulator, but spinning the dynamo as if a motor only proves the basic copper windings are all in place and OK. It doesn't prove there is enough residual magnetism to start up. You really need to disconnect the regulator fully at the dynamo (make cable ends safe) use a piece of wire and short the DF terminal to earth/dynamo case, attach a 0-20 DC voltmeter / multimeter between the D+ terminal and earth and run the engine / dynamo up briefly. Assuming you have a 12 volt electrical system, the output from the dynamo should run up in direct relation to engine revs, and well above 12volts. Typically up to 20 volts or so. If you have an output then the dynamo is working OK, only then consider the regulator, if not some more action on the start-up is needed.
Peter Good