Les,
Yes, you will need some form of voltage regulation when converting to 12 volt. When I built my 4 cylinder special, I used a Miller alternator from a Dragonfly and wired it for 12 volt - on start up, it gives 8 amps charge - that's 96 watts from a unit that was only rated at 60 watts when new! The main drawback with either a Lucas or Miller alternator when wired for full output is that there is no internal regulation of the output, so full output is generated and then some is wasted by the regulator (Zener diode or whatever). Even though that energy is wasted, it had to be produced in the first place, so that energy is no longer available for propelling the machine.
Regards,
Eddie.