Hey k-bo -
I have not seen that code thrown previously. But it is one that shouldn't be too major to deal with. That is a code for when the ECM doesn't' sense the "stay alive" voltage to keep the non-volatile memory banked. If you lose power to the ECM. "Usually" a bad battery can cause that effect. A bad cell is most often the reason. While you may be able to hold a charge to get it running, when it sits for some time the voltage may fallout of parameters to keep the non-volatile memory safe. Meaning, when you do get it running again it would have to relearn the engine mapping. Not a big deal in the larger scheme of things but it does affect performance.
Here are some things to think about and consider....just some suggestions. Hard to troubleshoot and diagnose without seeing the machine in-person. But based on what you are describing, if I was chasing this rabbit, the first thing I would do is clear the code and see if it comes back. If you changed out the ignition switch and had the battery disconnected, that could throw that exact code.
Second I would have the battery checked. The faulty ignition switch may have led to a shorted cell inside the battery. With out testing, no way to know for sure. If you've already done that, and/or replaced the battery, then I would check the battery connections...especially for loose ground. And I'd check the other grounds. It could have also caused a hot fault at a ground.
I've seen situations on Kawasaki ATVs where a bad ignition switch that never fully opens when turned off lets some stray voltage drain. It's kind of like the machine is half on and half off at the same time. This is more voltage than the stay alive voltage to the ECM. The ECM always receives a trickle of power when the machine is off. But a bigger drain somewhere else in the wires can cause the ECM voltage to appear weak. Electricity likes to take the path of least resistance. If it can flow somewhere else, it will. It can happen on any ATV or side-by-side. Sometimes a voltage drain, even if very small, can eventually lead to a ground fault. You can spend hours or days trying to figure out what is causing a ghost problem. Good news is, you might notice a bad ground by the wires having shrunken insulation on the ends where connections are made. You should check for wires that are running close to the frame for chaffing rubbing, melting, or otherwise exposed and touching metal. What you won't see is corrosion where the connections meet the frame and galvanic corrosion has accelerated due to the existence of electrolyte from current flow that hasn't shut off. Sounds weird but I have actually seen it. Easy fix is removing the battery ground-to-frame connector and cleaning where they makes contact...then reconnecting.
You may also have a situation where the charging circuit has a bad ground. Meaning, the voltage regulator is a possible culprit just as you suggest. But, I would not start throwing parts at it before checking the easy/cheap stuff first. I would do these things first in order of simplicity:
1) Reset the code and see if it comes back. See how long it takes. Is it immediate? Is it after sitting a few days? These are clues you can use to further troubleshoot. The machine will tell you if its sick.
2) Take battery to advance auto and have them check for bad cells. They do this for free.
3) If battery is good, spend some time checking grounds and loose connections. This also doesn't cost anything but time. You may want to check the wire from the ignition switch to the ECM to make sure it is giving correct power when on. If you're getting anything less than fully battery power output when the switch is on, you will need to figure out why (bad wire, another bad switch, etc.). I have seen replacement switched bad out of the box. If that checks out, check the ECM ground. With a multimeter connected to the circuit (Ohms and no power) you can wiggle wires to see if you lose the ground. One fast trick you can do is remove the ECM plug and reinstall it...then reset codes and check to see if it throws a code again. That is a very easy and fast check out. Sometimes connectors that aren't making solid connections will cause cause weird power faults.
4) If battery and connections seem to be okay, see if you can find a voltage regulator cheap on ebay or amazon. They are usually easy to find. But this starts to cost money, so I typically avoid parts until I have completely removed all other possibilities from the situation.
5) If all of the above fails, then you may have toasted a circuit in the ECM. This would be a last resort. If the machine runs with no other issues, I highly doubt the ECM is bad. But...that doesn't mean it is an absolute. It is actually pretty rare and I would think highly unlikely. Buying an ECM on a suspicion is never a good practice. Better to isolate all of the other low hanging fruit first. But weird things happen when wires short out. A bad switch can have evil consequences.
Anyway, let me know what you find out. This one interests me much. Not a common problem. I'd like to know what you find. If you do some testing and post some updates of what you find, that would help in trying to narrow this down.
- JT