[ibbryn]

Using the meaning of "regulated" at the time of the Constitution, an accurate and smooth running clock was "well regulated."

[John Galt's cousin]

Are you aware of any examples where the Founders used the word regulated in that sense?

The American Heritage Dictionay defines regulate :

1. To control or direct according to rule, principle, or law. 2. To adjust to a particular specification or requirement: regulate temperature. 3. To adjust (a mechanism) for accurate and proper functioning. 4. To put or maintain in order: regulate one's eating habits.

regulate-definition

Your explanation has merit. I don't recall seeing this explanation before. thanks.