Re: 470 water cooled voltage reg. ???
The regulator failing is the most likely reason you have an alternator. Most of us "lazy" guys

just remove all the wires and leave them in place. It is nothing more than a section of pipe clamped to the back of the regulator and is bolted to the block. If yours is still there leave it, it holds the exchanger hoses in place quite nicely. The the red/yellow wires are from the stator (under the rotor at the end of the crankshaft, front of the engine) if it is still in place and are probably hot when the engine is running, so remove them and tape off the ends and secure them out of the way. If they are not there the stator has been removed.