Again, it would be helpful to see a photo of the VR. Lucas VR's are what's called A-circuit, which means they regulate the field ground. If it's an 11AC system as I suspect, the VR will have a switched positive lead, a ground and an F- lead, which connects back to the alternator. Some of them also have a sense lead. You wouldn't need the F- lead at all, and nothing else would be functional unless F- was connected. The safe thing to do would be to disconnect the leads, tie them off and tape them. But I confess that in Jaguar applications, where the VR is front and center in the engine compartment, I leave the connector in place on the VR, and just disconnect the F- at the alternator.


The question is how you will get the dash light to work, and how you will get D+ to the alternator (actually, that's one question). Again assuming it's an 11AC, the light is operated by an assimilator...a thermal relay...which controls ground. The assimilator's heater is powered by ac current drawn directly from the alternator stator, before rectification. It's a very odd setup. You would need to bridge out the assimilator and ground the lamp to the 1 terminal on the alternator. Here's a diagram showing how I do it with an internally regulated Bosch alternator in a Jag application:


https://www.coolcatcorp.com/faqs/Boschwiring2.jpg