Having trouble following the logic. Heat doesn't cause electronic failure ? Goat's belly not that hot ? Blower is good but relocating to a cooler location is a waste of time ?
Lots of R/Rs fail. I'm glad yours didn't. Clean up the connectors. Solder and shrink wrap them if you have some time to kill. Moving it to a cooler location is fast, easy and not a bad idea.
First of all, I don't consider the Vulcan's R/R to be an electronic device, because it does not contain anything digital. To me it is an electrical device. On my Vulcan I did remove the 3 connectors in the stator wires, and soldered them together, because I found heat damage to the wires around the connectors, and in an electrical circuit, heat means resistance. My guess was the connectors were not making good electrical contact, creating high resistance, and damaging the wires near the connectors. I have not noticed a problem since, and that was maybe 30,000 miles ago.
It is the job of an R/R on a motorcycle to generate heat. It shorts excess current to ground, creating heat in the process, just like a resistance heating element. That's why it has fins on it. It was designed to get hot.
I agree that excess heat will usually shorten the life of most electrical components, but in the case of the R/R, it is likely to be internally generated heat that does it in. Virtually all electrical parts that generate heat will eventually burn out, whether it is a light bulb, a fuse, or a heating element. Heat slowly changes the molecular structure of the metal, and resistance goes up. Eventually it reaches the point where it gets hot enough to burn into. I do not believe the "goats belly" makes enough heat to cause any damage to the R/R, because for one, it is external heat, and two, the R/R makes a lot more heat internally than what comes from the exhaust.
But, I also don't believe you are going to do any harm by relocating it, as long as you don't cut wires. When you cut and splice wires, you create the possibility of a bad connection, which has high resistance, or a "hot spot", which would definitely be likely to cause more damage than the exhaust. Some people have spliced in enough wire to move the thing all the way to the front forks. I have not relocated mine for two reasons, I don't believe it is necessary, and I don't like the way it looks on the outside like that. If protecting it from heat is the idea, it seems that a cleaner solution would be to install some kind of insulation between it and the exhaust.
The Goldwing issue is an extreme example of poor engineering, with no good solution. Many people have spent hundreds of $$$ converting their bikes to a belt driven car alternator, driven from a pulley bolted to the front end of the crankshaft. Something like that, done in a neater way, is how I think it should have been done in the first place. Nobody who has done it that way has ever complained of any problems since doing it. When Honda came out with the 1500 six cylinder Goldwing, it DID come with a load controlled automotive style alternator.