I recalled that there was something funky about the four terminal Ford regs from when I wired my Cobra replica, so I hit the books.. (too cold to get much else done; it was 34 inside the shop today!)
Ford used 2 different wiring schemes, depending on whether the car had an idiot light or an ammeter.
The first terminal should be marked I, and have no connection. The second term should be marked A+, connected to battery +. The third, marked S, connected to the black/wht from the ign sw, and the forth, marked F, connected to the white field wire.