Do I have to Run the Newer Alternator and regulator

No. If you have the old regulator, and most of them are electronic anyhow, you can cut the plug off for the "new" style regulator. I would leave pigtails so you can re-use it later.

Hook the two wires to your existing regulator. Should be green goes to field, blue, goes to the IGN terminal of the regulator. The field is the "screw" terminal and the IGN is the "quick connect"

Down at the alternator, you should have two "quick connectors" in the harness, a green and blue. Just hook the green up to the alternator field, and tape / safe off the blue. That is "switched" 12V IGN