ORIGINAL: rm
....voltage output of the cdi unit and it was at 4.4V. I have 5.35V regulated going into it.....
The voltage output of the cdi should be a spike of thousands of volts.
However, assuming you meant the voltage into the cdi unit, then if you measure the voltage at the regulator and it drops after you connect the cdi unit, then you have a cdi that's faulty (drawing a huge current continuously) or a reg that's faulty (can't supply much current). When the cdi is doing nothing it should draw very little current.
An oil fouled or flooded spark plug won't clear itself as easily as a glow plug will. About 3 times over 3 years I've had to pull a plug to clear it.
If all else fails, power up the cdi with a 4 cell pack, put a plug in the cap and turn the motor over and watch for the spark. You won't have to ground the plug to the motor like a lawnmover as the braid is the ground return..
Cheers