I'll chime in real quick. Sure do...this guy for a win to test transistors (and a lot of others parts too). You don't even have to worry about hooking up the leads correctly, it figures it our for you.

I agree with the Q2 comment about being shorted. I don't have the experience working on this power supply like a lot of the pro's here (startek2), but if you had a EC (emitter-collector) short, then it wouldn't regulate. It would just act like a closed switch (i.e. full on).
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