Hmm... that "regulator board" looks identical to all the ones I have in my USAT Diesels.
There are three 2 pin connectors on the board... one is track voltage input, one is output to the fan, one is output to the heater.
You tell me where the chuff input connector is.
Something is fishy.
As far as I know, all Hudsons, of which I believe there were 2 manufacturing runs, had synchronized smoke, i.e. puffing... it's on their site and in the manual.
The hardware you have cannot do this, nor will it put out large volumes of smoke, since it is a constant voltage to the heater and a constant voltage to the fan. You could pulse the entire board, but you would be pulsing the heater also, which could never give you the desired effect, the heater would cool down too much.
The picture below is a USAT Hudson, you will see that the smoke unit is NOT what you have pictured, and does not use the regulator board you have shown.
Perhaps USA Trains changed the system in later models, but I doubt it. I would think that they would have updated the web site to remove the reference to the synchronized smoke.
If this is indeed a new locomotive, untouched, then does your manual reference the synchronized smoke?
By the way, in the picture, you can see the smoke unit I indicated before, the TAS unit, similar to but not the same as:
The key here is that the TAS units have the electronics on the smoke unit, not a separate board, and have a single large cap. Again, the picture above is a different TAS unit. Between the 2 white plugs you see, is a 3 pin header, with a black jumper on the right 2 pins, that is where the chuff input goes... (this one is jumpered for constant fan speed)
You can also see your USAT regulator board has a two large electrolytic capacitors, (filter input and filter regulated voltages), whereas the TAS unit above and the one in the locomotive picture only has one.
I don't know everything about this locomotive, although I do indeed have one, and have helped others, but as far as I know, what you have is not stock.
So to answer your original question, the input to your regulator board is track voltage... the output seems to be about 6 volts to the fan motor, and my experience is the heater output varies, and it is SUPPOSED to shut off when it runs out of fluid (fan keeps going).
By the way, here is a picture showing you where the heater and fan wires connect to the regulator board:
Greg