yes it probably is a bad regulator, but check a couple of things first
- coolant level in radiator and reservoir
- while running if coolant is present in radiator check for circulation
in most cases when regulator starts freezing up it is either because of low coolant in the cooling system or a clogged up regulator.
you have 2 choices if the regulator is bad
you can try and rebuild it or...
just replace it with a new one
your choice
Note: in some rare cases the circulation can be restricted in the fittings and lines in the cooling bypass circuit so if you cannot find any other problems in the obvious areas then its time to start pulling hoses and fittings and checking thoroughly.
good luck
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