Q9 is not long for this world.
use multiple U1with DC outputs in parallel.
Is C1 necessary ?
There will be a reverse kickback protection diode added to Q9 and probably to Q1 thru Q8 as well - a diode is only a few cents and it cant hurt.
There is also an error in the diagram, I dont have any room left in the connector for the front brake switch, I probably have to have just one idiot light for the indicators in the front panel.
Do I need 2 rec/regs if I paralell the 4 wire alternator to a 2 wire output?
C1 helps me start the bike on a dead battery - This has happened thrice to me and once out of those three times I had C1 so I got home safe and sound. Off course, I switch out the battery and keep only the cap until the engine catches and then switch back the battery in.
It's strictly not necessary, but a Fireball has a lot of compression and a marginal battery sometimes will fail to fire it after a couple of days parked. A lot of the batteries sold in India come with marginality built in. It's not uncommon for a brand new battery to stop holding much charge after a couple of months use.
Ideally I would get a Shorai Lithium, but maybe I just rig one up using old laptop battery cells which is a cheaper deal!