There are other regulators that take the place of the 3rd brush, and ones that still use the 3rd brush.
I use the headlights for my regulator, I have Quartz Halogen headlights, my charge rate is set to +1 amp with the lights on-about 14 amps, when I go for a long drive after the car has been sitting I will turn the lights on after about 1 hour of driving ---it has worked for me for 20+ years, 14 years on the Optima battery, 12 years on the bulbs, never using a charger (except 1 time I left the ign on for a month --then 10 min on the charger--hand crank start) ---the "seat of the pants" regulator works for me, I have a regulator that fits in the cover band, but I am lazy and have been waiting for a problem that causes me to have to work on the generator--I have had that regulator for more than 10 years, and havn't touched the generator for 40 years except to adj 3rd brush. ---and a few drops of oil for the bushing.
For most people a regulator is probably a good idea,
It would be interesting to have a post on the methods and and operation of each type of regulator so the choice of the most suitable type could be made for each persons needs.