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What year and model of Bullet are you asking the question about? Is it a home market model or export model? A little more info than what you posted will be needed.
Some bullets (forget the model years) are factory-wired with the alternator providing AC via an AC reg to the lighting, and AC to a DC rectifier/reg for ignition.Many convert to a more conventional all-DC system.Sorry I can't help on the AC regulator question itself...no experience there. But you're not crazy; the wiring is.
You could always run a Tympanium R/R. I have one and am happy with it. It's a little low at idle voltage with the lights on, but gets up to 13.5 volts around 2500 rpms. Simple install too, 2 wires in, black and red out to the battery.
for an AC/DC system you will have four wires from the alt. the orange and yellow are obvious. some alt have a red and black, some have two blue. the red black go to the blue. hope that helps.
So is your ac regulator not connected? Most custom builds do away with the stock system and use a HO alternator, doing away with the ac lighting circuit. Sounds like the PO left the original 2-pc reg/rec on the bike so probably still has the stock alternator too. Maybe he replaced the ac reg with another one. You will probably want to go through your main harness and see what was done to it. Hopefully the PO wasn't a hack.
Amber is orange.AC voltage regulators are not sensitive to polarity.It would be a good idea to check the amount of voltage from one wire (amber) to the other (yellow) when the engine is running just to confirm they are attached to the same alternator coils.I was looking at some wiring diagrams for some old iron barrels and they don't seem to show a AC circuit for the headlight.I have read some of the older ones (long before 2007) did use such a circuit and because someone has obviously cobbled up your wiring it's hard to say what is powering what.Sorry I can't be of more help to you.
This might help:http://www.bcmtouring.com/forum/attachments/wiringacjpeg1999fourwire.jpg-278215d1340470834Note the headlamp bulb "earth" and that of the high beam warning light are NOT connected to the earth wires of the rest of the wiring loom, they feed straight back to the AC connection on the rotor.However, as your wring has been butchered completely you MIGHT want to fit a proper 120W two-wire Lucas RM21 alternator instead of its under-powered Indian clone, and a nice simple 12V all DC wiring loom with a good single phase regulator/rectifier. You can get these with a built-in capacitor, eg the Boyer Power Box, for running without a battery and preserving the stripped-down look.Regards,A.