As far as I'm concerned, the capacitor solution came from Mr Pete Snidal himself :
Fitting capacitors instead of batteries actually goes back to the British bikes of the late 1960s. The Lucas 2MC capacitor became popular once BSA and others started fitting 12V systems to e.g. the BSA Victor Special. My first rewire was of a BSA C15 from 6V to 12V in 1977 with the 2MC capacitor.
If you wanted to run a 6V alternator bike without a battery (and not convert to 12V) Lucas would sell you an alternator designed for their notorious Energy Transfer system. I say notorious because it the timing was critical to avoid bad starting. 12V and a capacitor was much more forgiving.
Of course we are talking pre-UCE Bullet here so, there is yet another option, at least for the ignition!
A.