hooking up a new voltage regulator for smoke unit

It is very similar to the ACREG in design, just no Serial Input.  The TRIAC is the same as a Smoke Triac, the board looks like a K-Line Board, so this may be a conventional type smoke control.

The Blue is Triac output.  The Yellow and Solid black wire are connected so I assume AC Ground.  The small black wire with white tracer is center pin of Triac.  So I assume AC Center Rail.

With the oscillator on it, it may just be a conventional method for outputting for a 8 ohm resistor.  

Sloppy construction, looks like it was hand soldered.   G

What's the function of the oscillator?

Isn't that your field?  Thought maybe pulsing the triac to control output. but I don't know.

I did power it up and used a light bulb as a load with VM on it.  Gives a Steady 2.7 VAC output on the Blue and Yellow wires when fed AC on the black wires.

I tested an old ACREG I have and it put out 3.2VAC.  So maybe a conventional smoke control for the engines that get the Legacy dumb smoke units with 6 or 8 ohm resistors.  G

Without seeing the circuit, it's hard to imagine what the oscillator is doing there. 

FWIW, if it's really 2.7 volts, that would only be 1.2 watts through a 6 ohm resistor, that's not nearly enough to produce smoke.  I suspect it has a sawtooth waveform and you're not measuring the real power output.

I still don't know what the oscillator is doing there.