I had to do the same thing since the sube alternator also has an internal regulator.
YMMV, but this is what I did:
Yank out the regulator and hook the red wires together.
The Blue one (I think, I'm going from memory here), is the charge light, so you should hook that one up to the warning ligth wire off the new alt.
And I believe that should be it....of course I haven't actually started mine yet
Rob.