Voltage Regulator Bypass

Sounds like you are wanting to use the old green VR wire for "excitation" on the Denso. I'd say yes, hook the green to the blue, and the green to wherever it goes on the Denso

Resist the temptation to incorporate the "sense" and the charge wire into one. This "can be" a problem with "one wire" setups, as high current in the charge wire causes voltage drop, and causes the sense to read wrong.

Frankly, I'd run the sense wire (fused) DIRECT to the battery, or as absolutely close as you can get