If it's a late 90's engine, it doesn't have a smoke regulator. I don't find that number, is it part of a set?
I suspect it's the 2007 LionMaster that came in set 6-30051.
That unit has an 8 ohm smoke resistor, and most certainly does NOT run on track power directly! You will see a few volts across the smoke resistor with smoke on, the exact value will depend on the meter you're using as it's not a pure sine wave.
The smoke regulator has five leads. Sometimes one of the black ground leads is missing, they're connected to the same place.
- Brown: Serial Data from R2LC
- Brown with black stripe: Smoke Element Power
- Red: Track power
- Black: (two leads), frame ground
Edit: correct wire colors, OOPS!