A lot of the dynamo to alternator conversion instructions tell you to keep the regulator in place and just use it as a handy place for splicing wires together. i.e. they no longer actually use it at all.
I had "a" version of such a conversion on mine when i bought it, but as i couldn't understand how/why they had wired it all together, i ripped it all out and re-did it from scratch so that i now know exactly what does what in my wiring loom!
That also had the added benefit of making the under bonnet look cleaner. Just not clean!