I would not toss the original generator and regulator if you do decide to replace them both. The next owner may find extra value in having those parts.
Kurt
Amen to that and thanks for your knowledge Kurt. I wasn't aware that one could do that with a three brush generator. My '38 came from the factory with the three brush generator and cut out but someone in it's first life change it out to the later model generator and regulator so I never personally faced that issue.