The Gunzerking skill states
...constantly Regenerate Health and Ammo.
Does this Ammo regen apply only to the two weapons I draw while gunzerking, or does it apply to my entire ammo stock? (Other than rockets, which it specifically excludes).
Yes, while you're in state of Gunzerking your entire ammo stock for all weapon types except rockets will regenerate regardless of which weapon types you currently have equiped or drawn out.
Source: Personal experience and tests
I tested this out because I was curious to know. Ammo regen does occur, even for weapon types which you do not have equipped. This means that it is advantagous to pop "gunzerk" when no one is around, to keep ammo levels high for all types.