Since I get pissed at mechaics... because most of them are idiots. (I said most... not all) I just pulled the manual for the 240 Merc, and decided to help you out. It's got a goofy system. It resembles a dirt bike system. (with 6 spark plugs)
Your stator has a high speed, and low speed (High voltage) cap charging system for the ignition, and a non-phasing (un-balanced) AC charging system. Chances are, if your stator went bad, it would not be running properly.
OK... the resistance between the YELLOW wires should be 0.25 to 0.45 Ohms. There should not be continuity to any of the other wires, or to ground.
If that checks out... there is no reason to replace the stator. (and to pay for the labor to remove the flywheel) The "PAY FOR THE LABOR" thing is probably why the mechanic wants to change it first. He can only charge you 15 minuets labor to change the regulator, but he can charge you 2 hours to change the stator.
Sorry... still pissed off.
OK, so, if that checks... you are fine and the regulator is the problem.
Oh... one last thing... if you have a shorted regulator... it could cook the windings in the stator in just a minute or two. There is almost no way a bad stator can kill a regulator in an unbalanced system. (becasue it just won't have an output)
Finally... with that said... in a true 3-phase system, the rectifier sometimes has to stay balanced to run cool. But you don't have a 3 phase, so tell the mechanic you want to boat back. Change it your self (5 wires, and 2 screws) and save yourself an ass load of $$$$.
If you have any more issues... let us know. :cheers: