AC or DC?
The original CB125 was a 6-volt system that had a simple 4-wire rectifier - 2 AC wires in and 2 DC wires out. The 125 did not have ANY regulator at all. It was simply designed as a 'balanced' system - estimated output 'matched' to estimated demands.
The alternator can, indeed, churn out that kind of AC voltage. But, by the time it's rectified to DC, including losses, it's down where it needs to be.
**EDIT** Nevermind - I re-read the thread and see your 12-volt conversion efforts.
So, the 350's had a 4-wire rectifier (same design as 6-volt) and a separate 3-wire regulator. The rectifier did just that - rectified AC to DC - no voltage regulation at all.
The 350's regulator had a green ground wire, a black 'system' wire that looked at the overall system voltage, and a yellow wire that tied into the alternator's yellow wire. If the 'system' voltage got too high, the regulator shunted part of the alternator's output (yellow wire) to ground (green).
If you don't have a separate regulator, the stator's output can indeed be pretty high, DC, into the battery.
Kirk