For my 74' rebuild I ended up replacing all electrical components as mentioned above while eliminating all bullet connectors and replacing them with a modern weather proof type of connector.
Along with new wiring throughout, LED lighting was installed at all light sources and an LED flasher module replaced the original flasher unit. Tri-Spark ignition along with coil conversion module, all wiring and switches from hand controls reworked or renewed, a single phase rectifier was added and a battery tending connection was introduced as well.
With some pretty solid testing I could not find any faults with the original stator so it will be used.
I am retaining the positive ground application.
I did change the designation of the prism indicators on the headlight to give me a direct view of which turn indicator R/L was on (or off) with the center prism indicating the ignition status. The headlight and gauge lighting is controlled though the (new) headlamp switch.
Over the years I have dealt with Lucas electrical systems on MG's,. Austin Healey's, Jaguars, BSA's, and Triumphs (car and motorcycle). The Commando I am restoring was located in a barn in Nevada where a tarp was thrown over it in 1977. It was discovered last year still covered and I was able to purchase it. I think most would agree that a 41 year old Lucas electrical system might need a bit of renewing so I settled in and really took my time routing new wiring and double checking each connection as I rebuilt the system.
Good luck with your project.
These diagrams really helped me when the frustration gremlins came to visit.