Battery connection on new-to-me 1974 MKII Commando

It seems unlikely to have been converted to negative ground. If one were to convert to negative ground would you not need to reverse the zener polarity?

You would, and the previously mentioned rectifier.

The stud would have to be electrically isolated from the frame/z-plate and a wire run from the stud to the rest of the electrical system. But then you'd lose the heat sink. That would be a dead giveaway... unless there is a negative ground Lucas zener that I don't know about, which is entirely possible.

Yes, the 1979-on negative earth/ground non-electric start* Triumph twins had a low-output 3-phase RM24 and negative earth/ground (Lucas 49589) Zener.

*(The electric start models had the high-output 3-phase RM24 and negative ground 'AC' triple-Zener assembly.)
 
When you do finally put the battery in, invest in the factory hold-down and the associated rubbers. They are available and not expensive.
Velcro works great and is a decent isolation for vibration. Apply velcro on the bottom and rear.
 
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