Hi,
You need to change the wiring some from what a 1949 Cub originally had, to use the voltage regulator.
The Relay system, and the voltage regulator system, had different wiring harnesses.
The A, and Field connections sound like they are wired right.
It won't work without the Bat connection being wired, wire that like it shows in the wiring diagram above, with the voltage regulator in the diagram, not the Relay diagrams.
The wire goes from the ammeter to the Bat connection on the reg.
The other side of the ammeter goes to the starter post.
Those wires should be 10 gauge, like it shows in the Relay system diagram above.
The L connection powers the Battery Ignition unit. I think the guys on here have said you don't use it with a magneto, when doing a conversion. So there is nothing connected to the post.
When you run it after finishing the wiring, look at the ammeter, it should show charge, after speeding up the engine some. They don't charge at slow idle speed.
The gen looks like it is out at the end of the belt adjustment. If you are going to use the Cub much, I would replace the belt with a shorter belt, while you have the hood off. They stretch and need tightening eventually, it might be the right belt, and stretched, or it might have been too long a belt to begin with. It needs to be about 1 inch shorter than it is.
The guys on here buy them at auto parts stores like NAPA.
TM Tractor at the bottom of the page has them too.
I can't see the fan belt in the pic, the fan shaft should be a little below half way up the mounting slots with a new belt.
It's a good time to oil the fan hub, while the hood is off. Guys on here have had fans seize from no oil.
Below is a page from the 1949 Cub owner's manual showing how to lube it. A clean, pump oil can, with new engine oil in it works good.
http://farmallcub.com/rudi_cub/www.clea ... age-28.jpg