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You may want to convert to a 3-phase alternator.
Assuming that your bike still has its original alternator:
After some 28 years and 75K (?) miles, my '69 650's alternator rotor had lost so much magnetism that I had the same problems that you did-the battery would not charge with the lights on, running at my customary revs. Even at revs well over 2700, the ammeter needle just barely hit the midway mark. The Lucas rectifier, Zener diode, and all charging system wiring were all OK.
I considered having the rotor "recharged" to restore its magnetism; I understand that this can be done for Bosch (Volkswagen Beetle) 6V permanent magnet generators and Lucas magnetos. I was unable to find a source for this service, so instead I converted to a Lucas RM24 alternator (3-phase, as opposed to original 1-phase RM21) with a solid-state combined rectifier and voltage regulator (replaces the Zener diode).
The results were gratifying: the ammeter needle positively leaped to the midway mark at about 2000 revs, the lights were bright, the horn note was piercing, and the battery was fully-charged at all times. Starting was markedly improved with the now always-fully charged battery.
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