The 3-wire works as well, but with a true 1-wire alternator it really is that simple. I have had no problems at all on my '68 using the 1-wire setup. Just be sure the 1-wire 7127-type alternator has an internal diode that cuts the output when the switch is turned off, otherwise the engine will continue to run. Any competent starter/alternator shop can build a 1-wire alternator for around $65.