alternator/voltage regulator advice

Okay my 68 dart 318 will run for an hour or so untill the battery dies and needs recharged.

I have a really old crusty alternator with two field connections (one of which I have grounded like I read about in another thread here)

I have an equally old and nasty looking external voltage regulator that probably isn't working.

I want to make the car more reliable and I am trying to make it a daily driver. I am spending a car payment amount of money on it each month to get her fixed up.

I was going to buy a summit single pulley (I don't have a/c) single wire, internally regulated alternator. when I get this thing, I can eliminate the external regulator and run a wire to the battery and be good to go right?

thanks in advance for the advice/opinions.