Quick question on the MAD by pass.

No You still need the VR as is. In fact the Mad or / other bypass SOLVES part of the VR problem with voltage drop. You want the power supply to the VR (the ign terminal) which is ALSO the "sense" terminal to be as close to battery voltage as possible. This applies to the VR case/ ground as well

A side note: I don't really care for "one wire" alternators partly for the same reason............in them the "sense" terminal IS the alternator output post. This means that voltage drop along the charge wire will affect the system, unless the charge wire is oversized