You will definitely need someone raised/conversant with the particulars of the hardware.
In a generic sense, the dynamo is whirling conductors inside of a stationary magnetic field. These moving windings are carrying AC.
The commutator will have 2 brushes and "slots", a bar for each end of the winding, each separated by mica.
The brushes pick up the rotating windings at the precise time the voltage & polarity is maximum, (+) on one brush, (-) on the other. The commutator is a way to mechanically create DC voltage by picking it off the rotor at the right moment. These old boys were geniuses.
Polarity is generally dependent on direction of rotation or field polarity. The tricky bit is that the (+) lead configuration may be built into the design of the machine & not easily changed - But again, I don't really know these machines.
Voltage is regulated by varying stationary magnet field strength, which is achieved by varying the current thru the field windings. That's probably the second pair of wires. The old school regulators were electromechanical and required maintenance & adjustment. I think they just toggled on and off, "shot feeding" the battery. That would be easy, as infinitely varying field current requires an electromechanically ratcheted advance/retard rheostat, a much more involved process.
I can think of a lot of ways to "zorch" this device casually hooking it up & "Lessee what happens now". If it was mine, I'd be on the phone or e-mail to some "Olde Brits" shop and be crating it up. You don't know what others may have already done and you aren't a SME (subject matter expert) and you don't have any of the olde school voodoo tools (the "growler", commutator mica lathe, etc.) that were commonplace test tooling in 1920 - 1950. You don't have parts & have no way to know if the device is truly functional as is.
If this was a 1999 Bullet, I'd say have at it, nothing you could do would be beyond Hitchcock's purview to replace & you'd learn something. Unless you have a burning desire to be a dynamo tech and a time machine set for 1940, I'd send it off to someone that knows. AFTER you have a working unit with a functioning voltage regulator, THEN I'd do a little more research and some judicious poking around. The frustration avoided alone is worth it, one less thing to worry about. Just my dos pesos.