With the labeling of the terminals you've posted, it sounds as if you have a GENERATOR, rather than an alternator. (Or perhaps the old regulator was left in place a s aterminal block when an alternator was installed)?
Either way, the purpose of a regulator is to limit the charging CURRENT for the protection of the generator, and the charging VOLTAGE to the requirements of the battery.
(Of course, if you have battery ignition, the ignition system (points, as you say) is along for the ride, and gets whatever votlage the charging system is feeding the battery.)
Let's start by figuring out what you have:
Photo of a (common) Delco alternator.
Photo of a typical IH (Delco) generator and regulator.
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