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OP your original assumption is correct. The IG is not a monolithic, unified organization like the modern military. Regimens are allowed to chose their own armaments, command structure, and training. There is no "standard issue" on a galactic level, everything is decided at the planetary.
So an IG regimen may resemble a modern militaries, or it may be more like a barbarian horde, or built up in five man blood brother groups who have been raised together since birth, or broken down into forcibly "allied" tribes of amazonian warriors, etc. etc. etc. They can literally come in any form and organization you can imagine, and the IG codex does a good job of allowing for this.
So what is a regiment? They start out as a unit raised from a planet. If possible they will be continually reinforced, and so a regime will continue on as fighting organization representing their planet. However, when things go badly it is not unheard of for regimens to be combined by a general. So a Regimen is can also be a fighting unit as designated by an IG general. However, it is noted in both the codex and other fluff that that rarely works well. The command structures, tactics, and cultures of different regimens are often incompatible, and good generals try to avoid this. Imagine the problems you would have with a unit comprised of modern marines, terrified conscripted medieval serfs, mongol warriors, crusaders, WWI trench fighters and Napoleonic line infantry. Not pretty.
The lexicanum article sums it up well: "Recruited from a single planet at a single raising, it is founded as a complete entity, complete with its own officer, supply, and support cadres. It should be noted however, that like most everything else in the Guard, the precise details of even these essential elements can vary widely from world to world. Whilst the majority of the regiment, even the non-combatant personnel, will come from their founding world, the Commissar or Commissars assigned to it are always off-worlders."
The beauty of the IG though is that it is presented as fairly flexible because of this. The WWI Kreigers are sent in for sieges, Arcadians for rapid strikes, Cadian for holding the line, Valhallans when it is cold, and Tallarns when it is hot. If there is one thing the Imperium is good at it is embracing the diversity of its peoples, probably because the alternative would be impossible.
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