You are quite right about the output voltage of the G4REG, its more or less the same for all of the Opto22 I/O families. G4REGs are not user adjustable. But as well as checking the output voltage maybe you should be monitoring your supply input voltage input should be 24VDC +/.0,1V. I would be surprised if the problem in within the G4REG's
Here are a few questions that you might not have considered.
With respect to the TX/RX LEDS on the brick. Normally a controller will retry any unanswered transmission a number of times (I think its 16, maybe somebody could confirm it) and then mark the mistic brick as incommunicable. Unless your program application has some logic to reenable comms, the controller will not transmit further request messages, and therefore the brain will not answer. Maybe there is a clue there somewhere. If you have multiple brains on a single comms line you should still be receiving a RX light on the brain as it continues to receive transmissions for other brains.
When talking through this problem you will need to supply an system architecture diagram. It may need the attention of a system specialist to visit and fully understand whats really happening in real time. That’s what your local Opto22 distributor is there for. Some things you just can’t see on the phone!
In general terms Mistic I/O is probably the most rugged I/O system ever produced by Opto22. The more filthy the conditions, the worse the temperature extremes, the better it works. One customer told me the only time he had problems with his Mistic I/O was when he tried to clean the accumulated layer of dirt and dust on top. Many of our customer have Mistic I/O running 24/7 for over 15 years in extreme conditions. I certainly wouldn’t recommend changing it out, although you should consider upgrading your controllers to SNAP-PAC-S1/S2 controllers to use the latest software and benefits of Ethernet integration. Its been a good 5 years since IOProject/PACProject took over from FactoryFloor ! You will be surprised at what Opto22 have added since then, while still maintaining support for previous generation hardware and software.