The instrument voltage regulator only powers the fuel gauge and also the temperature gauge. The oil pressure gauge is mechanical on the TC/S and wired direct on the S1/2. The regulators come in two types: takes 12v to 15v and makes it 10v; or, provides a steady pulse of ignition power. Both work. Test what you have. If it works, why reinvent the wheel?
They are available new from the usual British parts suppliers. I find if they work out of the box, they continue working just fine.
On this forum and others, there are plans to make your own 10v regulator. I don't get the point of doing so but the option is there.
I find modern alternators simpler to diagnose -- it either works or it doesn't -- and more powerful but they all still fail. The quality rebuilt one I got lasted barely 8K. Had a bent rotor shaft (!) and couldn't be rebuilt. The first two replacements were duds out of the box (!!). So modern is mostly just newer and not much else.