Need a 12 volt regulator. They usually mount on the generator. The polarity can be left as negative (battery negative at chassis ground) as long as the 12v regulator is for negative ground. Then polarize it and should be good. The ammeter would already be reading correctly since it had to be reversed for the neg ground alternator. Starter and lights don"t care about polarity. Wiring to distributor should also be good since it too, had to be reversed for the neg ground system. Bob M who posts here has some great wiring diagrams for these tractors. Google for them.
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Today's Featured Article - Tractor Profile: Farmall M - by Staff. H so that mountable implements were interchaneable. The Farmall M was most popular with large-acreage row-crop farmers. It was powered by either a high-compression gas engine or a distillate version with lower compression. Options included the Lift-All hydraulic system, a belt pulley, PTO, rubber tires, starter, lights and a swinging drawbar. It could be ordered in the high-crop, wide-front or tricycle configurations. The high-crop version was called a Model MV.
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