The vibrating points regulator was a cheap solution to a problem. The gages deflect slowly so the open close to drop 12v to 5 wont make the needles bounce or vibrate. You have to remember in 1966 semiconductors were expensive. Now an NTE960 semiconductor can take up to 35V input, and produce a constant smooth 5V output, and do this for about $1.00 wow how times have changed.