I don't remember what the actual price of the elec reg was but I don't remember it being that high. The connector is not that expensive. I would just make sure whatever I do is make sure I know how much amps the alt is putting out and confirm that I am getting the correct elec reg to match. I would recommend doing the amp gauge by pass via madelectrical.com if anything bolt the leads together RED to BLACK with bolt and lock washer. Install large heat shrink to cover the connections. Install a volt meter now or later not a amp but volt meter. That's pretty much it for the up grade.
That alt looks to between 50 and 60 amp version.