Not sure what other changes you are making to the car, but in terms of wiring I would hope that you are at least inspecting all of the wiring but preferably replacing it all with either an OEM style replacement or wiring kit from someone. In new or exceptionally good condition, the wiring "should" sustain a new style alternator, however with 40+ y/o car I would want the piece of mind that would come with a new harness.
As for the amp gauge, that was answered.
as for how it regulated, on a stock car there is an external electronic regulator. I do not know but I suspect a new style alternator is either internally regulated or perhaps uses something else. I am sure there is someone smarter than me on this issue but I would "think" that you could use a stock style system with the electronic VR as Mopar did have some high amp systems for AC, police, etc vehicles and I believe they used the same VR. I used a stock VR on my 52 Dodge PU with a new 1988 Dodge alternator that I am sure puts out more than the factory 70's something versions.