'73 cb350 can you easily eliminate the battery?

i read somewhere that the stock cb350s came with a permanent magnet charging system. i am only going to run a headlight and tail light. can i just run the stator straight to a reg/rec and use a capacitor to hold charge for the lights? i'm not totally sure if i really understand how this works. i'm just trying to make this as simple and reliable as possible. if this setup seems like it will work then i'll just run it with a pamco ignition and hopefully be good to go. thanks for the help!

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