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OK thanks for the responses. I’ll try again.
The deteriorated wiring insulation wasn’t buried in any harnesses, but where it could be readily-enough replaced. OMC seems to have used a combination of rubber and PVC insulation, and rubber insulation is known to be short-lived in many cases. Think of an old tool cord or extension cord. The points lead sees to be an extra-flexible wire resembling a miniature welding cable–multiple stranded strands. Perhaps it is "test prod wire." Again, crumbled rubber insulation on the V4. Is there something non-obviously critical about this lead? The good news is that all the electrical items seem to check out–though I am not entirely confident of the clipper box tests as called out in the manual, so with the wiring sorted the motor should run.
As for regulators, the usual sort is shunt regulation that keeps full output going and dumps the excess. Series regulation is less common and does allow the stator voltage to rise. There are pros and cons but neither is ideal. I tend to agree that a big battery fed by a 9 amp unregulated alternator should not be a problem, BUT there are a lot of reports of such problems. It’s interesting that my OMC manual also shows a more sophisticated flywheel alternator design using, in effect, a field coil for regulation.