Which version did you purchase? The M239 & M239BD looks mechanical and may be adjustable. The M239SS is electronic and non-adjustable.
Replacement mechanical regulators (probably a rebranded Transpo) have a different design than the originals and I've never seen an instruction sheet for them. I found their voltage regulation has wider range and a little more difficult to fine tune.
When your voltage is fluctuating, do you hear a buzzing sound coming from the regulator? If so, it definitely need adjustment.
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