Before replacing the alternator and rewiring, try a couple things first. I am a bit handicapped by not being familiar with the 140 electrical system, but what I see in the wiring diagram, it might be correct for a "1 wire" alternator.( wish your diagram had color codes for all wires :( At the old regulator location, the Gen, L, and BAT wires should be connected together and taped up neatly. At the alternator, connect only the old GEN wire to the alt BAT stud as it appears to be in your picture. Seperate and tape up all other wires at the alternator. Use a 12V test light to make sure you have 12V power at the BAT stud on the alternator.
Make sure the fan and alternator belts are tight so the alternator turns at full speed.
Dig that putty out of the regulator plug hole in the alternator case and with the tractor running half throttle or more, connect a jumper wire from the BAT stud to the left(looking from the rear) #1 regulator blade for a moment. This will "field flash the alternator to start it charging. If a "1 wire" alternator has lost its residual magnetic field, it will not self excite. Once you field flash it, the residual field will be restored and should not need to be done again unless the battery is disconnected or the tractor is not run for many months. If this gets it going, just tidy up the wiring and run it. If not, possibly the alternator has a problem and needs to be repaired.
If you decide to go with the new "3 wire" alt, then you need to add wiring to the excite circuit a Janicolson describes.
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