More fun and games. The MOSFET regulator works, but the capacitor values are far too slow for our little alternators. The field collapses when it switches off and then takes a second to get going again. Car alternators (for which this is designed) probably have a much bigger field with more inductance (more iron basically) which will tend to hold up between switch points. I will pull the 100uF and 10uF and put (say) 1uF and 100nF.
Anyhow, now the original part is off the bike, I've tested it. It goes off around 14.25V and back on at 14.05V. The transition is linear-ish due to the BJT output. That is similar (but not as slow) as the cheap Ebay type. However it does only drop 0.7V when fully on which is expected and good.
It's pretty easy to put a MOSFET output stage in though like this (see pics). The Darlington pair of BC327 and BD244 is removed, the base (now gate) resistor of the MOSFET increased to 2K7 and where the base and collector of the BC327 linked out. This works in the same way as the original (+-) but has no drop when the FET is switched fully on.
Pics.
When the BJT is off, the FET sees -9V which is plenty to turn it on.When the BJT turns on, the FET sees near full voltage which turns it off.