YES it can still work provided its a relatively close match in field current specs to your generator (so it dont over current the gennys field windings) and is also suitable for your ground, be it pos or neg.
A 3 terminal VR has (BAT ARM/GEN and FLD) terminals
A 4 terminal VR has (BAT FLD LOAD(L) and ARM/GEN) and often ARM/GEN is off on one side or the bottom all by itself
One way to make it work is just use the 3 BAT ARM/GEN and FLD terminals wired exactly the same as the old VR and ignore the LOAD (L)....... BAT on VR to ammeter......FLD on VR to gennys FLD post,,,,,,,,,ARM/GEN on VR to gennys ARM post,,,,,,,dont use L
The engineering better way would be to feed loads like lights and ignition etc from the VR's LOAD (L) terminal instead of from the Load (NOT battery/starter) side of the ammeter but that takes an extra wire down from the dash to L on the new VR. On the 3 terminal VR system a wire off the Load (NOT battery/starter) side of the ammeter provides hot voltage for lights n ignition while on the 4 terminal VR its LOAD (L) terminal does that instead.
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