I did this on my S4. The regulator normally sits right under the seat on the S4 and just bakes. There is no air circulation under the seat. After removing the oil breather box there is a nice open space above and behind the rear shock exposed to lots of moving air and clearly visible when looking between the hugger and the frame. Can't get the regulator any cooler then that! I used to burn my finger on the regulator when I removed the seat to check it. Now it runs nice and cool! Just my take on it...
Borg Girl