My old ROTC manual, printed in the 1960's, defined "well regulated" as "uniform in training and organization" (implying a standard for training level that militia would be expected to satisfy)
The term "regulated" applied to clocks means "accurate in keeping time". It made sense, particularly in 18th Century armies, to have to pay a lot of attention to how well soldiers could operate in massed formations. Soldiers had to be drilled to load, aim, and fire as one unit. You do NOT want the rifle next to you to be firing (and emitting a shower of sparks) while you are pouring gunpowder into your musket. Everybody had to do every step together with no screwups
Yours too. It seems obvious from the way the two phrases are joined in the amendment that the framers wanted individual citizens to be familiar with firearms and to have them handy for use on short notice. That is, in their houses or on their persons, not stacked in some centralized armory, to be issued for the duration and then returned.
Best explanation of "regulated" I've ever seen. Noted.