I just want to give a little update about this wiring method and say that using these has worked 2 times on 2 separate bikes for me.
I recently finished building a kick only minimal wiring harness for my CB550 and everything charges and starts just fine. Here is a copy of the wiring harness, give a little clearer overall shot of how to hook everything up.
(add a ground on the REC too)
I ended up using the VR730 from autozone and a 3 phase rectifier from ebay. Extra special was the use of Ballistic EVO2 50 battery on the bike. Since I wasn't using a kickstarter and my wallet was mostly empty I went for the smaller/cheaper battery. Everything works great and the battery charges at around 14.3 volts at high revs. Everything on this bike to work correctly from the get go.
The other bike I did this on was a buddies 75 CB750. We had many more headaches here. I was there about a year ago when my buddy was going to take his 750 out. It had a rough looking custom wiring harness he built a few months before with a Chinese reg/rec from some crap bike. We went for a ride one night and 1/4mile down the street his headlight turned mega blue/purple and popped and then the bike died. He parked it and left it alone after he couldn't quickly diagnosis it.
Fastforward a year later and I am in town after building my harness. I bought a few extra rectifiers on ebay a while back knowing id be building more. These ones were the rectangle with the rounded ends kinds. We also got a regulator from Adv Auto Parts. They didn't carry the same part number, but a R400Z (I believe) was supposedly the same from their supplier. Got back and modified what wires we needed to and mounted everything. Ground the case and everything was good. Well, first off... the main fuse kept popping. WTF? Went down the chain of power and trail and error we found that the rectifiers were bad from china. Some reason the + and - terminals were connected and put any power to it the thing would ground to frame, pop fuse. Ended up doing the trick way of using 2 single phase rectifiers I got at radioshack (It pained me to go there, but it was sunday evening and it was the only thing around open.... I hate that place). We wired that all up and woo hoo! No more fuse popping, time to start the bike. Checking the voltage while it was running we were getting very little/no charge going on. Started checking the AC lines... nothing. Checked power to the reg and rec... just fine. 12v power to the stator field... none. There was our problem, the regulator was broken. We went to a Autozone and got the correct VR730 and popped it in. Worked like a champ! 12v was charging the field, AC current was coming out, battery was getting ~12v at idle and 14.2v at high rpms.
This is a great way to replace your electrical system on the cheap. I think even with the 2 rectifiers you'll still get out with less than $40 into parts. You might need some wires and connectors still. Depending on your location the regulator will be about $28 and you can get rectifiers on ebay for about $5. Id stay stay away from those rectangle ones since both the ones I bought were junk (bad batch?). Try your local hobby electronics store.
I am not sure if that R400Z regulator from Advanced Auto was defective, or that it is a wrong part and won't ever work. It looked the same, just a gray cover on the case. We just went there and got the cross referenced equivalent model that they carry. It probably died from when the fuses kept popping.
If you are trouble shooting, think of it this way. Power(12v) is always on to + legs of Reg and Rec -> Ignition key supplies 12v to "I" (ignition) -> Regulator now charged and supplies 12v to the stator electromagnet -> bike starts, stator spins, AC current is being produced -> 3 phase AC rectified into 12v-14v DC -> 12-14v DC is feed into + main wire in the bike to run everything and back flow to battery to maintain (12v-low rpm) and charge (14.4v-high rpm).