Agent Cal,
Is yours an original 1989 (brass) GS-4 light/smoke power supply board? I believe the Williams board had a 7805 (5v) regulator, as the Suethe smoke unit was a 5 volt model.
I'm not entirely sure what year my locomotive was released, but it's the latest model. I found the voltage regulator under the parts listing on Bachman's website, and it said it was 8V. In addition to that, I checked the output voltage with a volt meter, and it's 8V DC. I'm not 100% sure the smoke unit is Seuthe, I can't find it anywhere other than Bachman's website, but everyone says it is, and it sure acts like one. I adjusted the throttle and everything, it seems to stay a 8V unless I lower the throttle almost to 0. I guess even if the regulator was 5V, the light unit would still work, since it will go as low as around 2V (or was it 3?)