my voltage regulator works fine??

is that voltage read at idle ?
it could be that low at idle as the lights are dim and flicker at idle
then jump to 12-14 volts when revved.

and no to 75w, 55 watts is the maximum for a stock blaster lighting coil
 
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Remembering it's a AC setup, measure between regulator and ground, you should get at least 12v when revving.
If it stays below 12v, disconnect the regulator, and the voltage should be higher that 12v (set headlight to off position before disconnecting regulator!!!)

If voltage is still low, suspect faulty stator winding or bad connection. (I had this happen to me, voltage was low, and connections looked fine, but coil resistance was slightly out. Removed coil, measured length of wire and rewound & tied up with some cotton thread, and a few coats of electrical varnish. Works great)
 
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