I have one of these which came in a box of bits and want to fit it to my 1952 ES2 (E3H dynamo, negative earth). The cut out/in works fine - checked off the bike with a variable voltage supply. However, the regulator side refuses to play ball and won't pull the contact in - I'm thinking that the shunt coil is open circuit.
Now I know the answer will be "fit a V-reg 2". However, what I was wondering was whether I could set the regulator up so that the field is normally fed via the wire wound resistor so delivering a lower output from the dynamo. My further thought was to incorporate a relay switched by the headlight switch so that when the headlight is on the resistor would be bypassed so increasing the field strength. A bit like the the old 3 brush system.
I accept this would be a bit crude and expect shouts of horror. But would it work? Having magneto ignition and only using the bike in daylight does mean that battery charging isn't critical.
I did know that....
... however I think I've found the fault on the regulator - someone had omitted the insulator from the moving contact......
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Rather than....
... adjusting the control box on the bike in the Lucas specified manner I decided to try an adjustable voltage meter like this: https://www.ebay.co.uk/itm/Adjustable-AC-DC-Power-Supply-Adapter-Charger-Variable-Voltage-3V-12V-Universal/362934886316?ssPageName=STRK%3AMEBIDX%3AIT&_trksid=p2057872.m2749.l2649
It meant I could do the adjustments on the bench in a relatively controlled environment and without contorting myself to get at the adjusting screws under the seat.
It actually worked very well - I got the cut-in and reduced charge voltages to be within the specified values and it worked perfectly when fitted on the bike. The device was a bit sensitive to rotation of the control knob but much easier than sitting there with the bike bouncing around trying to fiddle!
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I sell the V reg-made in Norfolk.