Not being a big electrical guy, the reason that the 55 amp voltage regulator sparked a comment from me, the only guidiance I can offer is that my conversion was done following a hot rod/car craft how-to published in the mid 80's.
I don't know how much difference there is betwen the 7 and 9, but my installation is down to 2 wires, the wires running under the mechanical temp sending unit. I wish to could get a better shot, but beteween the rad hose and my lousy flash mode on my ditital, it was hard to take a decent picture.
I origionally had it wired with a wire splice. However, when I redid the car in 87, I modified it. I don't remember what, but after carefully studying the configuration, I found that if I upgraded one wire that comes out of the gang connector of the firewall, I could eliminate a wireing mess, and I still have a functioning idot light.
Before you go making changes, you might want to verify it with a knowledgable source. I think one of those wires coming out of the alternator can be eliminated by ganging it up on the main feed. There is a red wire and a blue wire coming out of the side of the alternator. The blue wire is the car's origional black/red stripe wire, and the red wire attaches to the output lead
I cannot advise on ganging the one lead to the alternator. All that I can recall from the how-to article is that the alternator output supplies whatever electical function for the other wire coming out of the side. Therefore, this wire, wherever it originates from, can be eliminated. The ganged wire has been like that for 23 years, and the wire upgrade has been almost 20 years. Unlike the voltage regulator days, I have never had any issues.
The reason I replaced the well working alternator after 23 years is that the alternator's piviot hole had wallowed out. I guess that the 23 years of abusive torque takes its toll on aluminun, and I noticed that the replacment alternator has a steel sleeve inside of the piviot hole.
As with the upgrade kit: Something tells me that the upgrade kit is merely a $30 brainchild from a clever engineer to "eliminate wires," and bussing the one wire to the alternator output accomplishes the same thing as the kit.