I converted to a 6v one wire alternator on my 38. I left the voltage regulator in place for appearance sake. I connected the heavy armature wire (A lug on the generator) to the lug on the alternator and moved it from the Gen tab on the regulator to the Bat tab while leaving the wire normally attached to the Bat tab still attached. That allows the current to bypass the regulator & your ammeter still works normally.
You will have an issue with mounting the alternator to the stock generator location. You'll need a special mounting bracket & they are expensive.
I used this one.