Alternator 7122

[hpcgmc]

My 10 year old Kragen alternator is making clicking noises. The alternator says "autolite pro tech 7122" on it. If I could find the receipt, I'd return it to Kragen/O Reilly for a replacement, but cant find it. It looks like Napa has the same thing for about $40.00. Two questions:
1. if I just replace the 7122, which is externally regulated, should I also spend $20 to replace the external regulator?
2. should I upgrade to a newer, internally regulated, alternator? What are the plusses and minuses, what will it cost, and what alternator should I use?

The truck is pretty much stock, with 40 year old wiring, etc. It's got a 283 with stock distributor. All the electrical works decent. I'm slowly restoring the truck, but keeping it drivable while restoring it. I don't plan on replacing the wiring harness for a couple years and don't really want to mess with any wiring I don't have to right now.

Thanks for any ideas.