Well thanks guys, this is a big help, it looks to me like the two black wires both go to ground, that being the case, I'll run one to the original black from the old regulator and one to frame ground, don't know what else to do there.
John, I know what you mean, I once missed an isolation pad on a board for another engine "poof" learned the hard way.
Thanks again, this is going to be awhile, but I'll definitely let you the outcome.