I just found this on Perdue Brothers site, could only apply to CT70s though...
About the CT70 6 Volt Headlight Voltage Regulator: For some unknown reason, many Honda CT70’s generate excess headlight Voltage. Some bikes did it brand new. Some develop the problem over time, and a few never do it. The exact cause is a mystery but is definitely a dynamo stator problem. The lighting coil is dual copper windings on a laminated steel core. Investigating defective stators reveals the insulation breaks down, making new connections that cause too much headlight Voltage.
This excess Voltage occurs on bikes that were fine for years. Even with a viable battery and all bulbs intact, Voltage is suddenly too high.
The photo shows the part bearing a Z50 sticker, and it deserves a reshoot. The CT70 part is identical except the sticker. It has Brown wires for the AC power in and out, and Green ground wires so it plugs in with no mods to the bike wiring. It can unplugged any time, and the bike wires can be plugged back together.
A viable battery takes a charge, and supplies power to a load, such as lights.
Honda built the CT70 with no Voltage regulator. The electrical load of battery and lights limits Voltage. If for any reason the battery is not viable, or missing, lighting Voltage skyrockets. Bulbs blow, especially the expensive headlight bulb. Once one bulb blows, the rest will blow in rapid succession. While the headlight is powered by a stator circuit separate from the battery charging circuit, the stator windings are interconnected. Each circuit regulates the the other, to a degree.
The CT70 dynamo has several AC power outputs . An electrically isolated output provides AC power for ignition. A pair of interconnected windings provides dual AC outputs. One powers the rectifier. The resulting DC power charges the battery, which powers te tail light, stop light, turn signals, neutral lamp and turn indicator lamp. Another output powers the headlight and Hi beam indicator.
After years of working with these problems, we designed a special Voltage regulator to control the excess Volts and help prevent headlight bulb failures. The device is ruggedized, waterproof, and plugs in to the stock Honda wiring without any modifications. Installation is simple. Wires and connectors are color matched. The regulator plugs in without modifications to your Honda’s wiring harness, and just fits in the headlight bucket.
Excess Voltage is converted to heat inside the regulator. The regulator does not consume any power while the engine is running slowly. This is super important, because the CT70 does not generate enough electricity at low RPM to maintain headlight brightness. Once engine speed picks up enough to generate too much Voltage, our regulator smoothly kicks in just above 6.5 Volts to absorb just the excess Volts. The headlight receives full power, and the regulator automatically adjusts to absorb only the extra Volts.