The stock voltage regulator acts as a straight short to ground for the voltage output of the stator for any voltage over 14 VAC.
I will agree it does a relatively poor job of that but that is not the same job this regulator rectifier does:
http://www.trailtech.net/7003-RR150.html
That regulator does knock off all voltage above 14VDC but it also diode corrects the ac voltage to DC voltage.
With that regulator/rectifier, you could do a DC conversion and run some fairly high power LED's off of the battery balanced system.
It may still require a load resistor... (don't doubt you on that one) but it would be MUCH better balanced and more likely to keep the bulbs from burning out.
Plus they wouldn't flicker at idle...
so that is $44 a battery is about 50 for a decent one. how much is the other stuff i would need