That will be your best choice. There are many options using later Honda or other make's reg/rect units... even car regulators and various rectifiers. The Oregon unit should plug in and work, retaining the original harness intact.
You can use a shunt regulator by forcing 100% alternator output, but the alternator wasn't designed for that and tends to overheat. Some power will be wasted as well, but not enough to miss... the CB750 alternator maxes out at something around 200W, about 0.3 HP.