I've used both four and five wire units. With the five wire unit, when the voltage regulator is removed, you can use the redundant black wire to that to connect the voltage sense wire from the new reg rec. Also important to ground the redundant green wire from the voltage regulator, just blank off the yellow wire.
EDIT With the four wire type, the old voltage regulator is still redundant, and I remove it. I suppose that it could remain in place, cut the voltage in case the new cheapo unit ever failed to keep the voltage down to 14.4v.
I don't pretend to understand what the fifth black wire does, 'voltage' sense means nothing to me. In practice, I'm getting similar charging results from either 4 or 5 wire types. The cheapo units I've been using have been reliable so far, nearly 10 years on a four wire one on the CL175. I have a spare in stock just in case, at these prices it's a no brainer.
Here's a photo of the wiring arrangement I use. As Expete describes, I combine the Yellow and White alternator wires at a new socket ( from Kojaycat ), does away with all the wiring to the lighting switch. I also connect the red and white wires directly to the battery, using new wire through out, Doesn't require any mods to the existing loom.
Note the extra lead for the neutral switch. In other ones I've done, I fitted an male alternator plug on that, so that it just plugs straight into the existing loom so neutral light still works as normal.
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