never heard it called that, but it is what I do.
I have a 65 coronet, using the single field voltage reg, using a 2000 durango alt, so dual field.
previously I did the same using the 89 m-body 73amp alt using the single field voltage reg as well.
as you say, ground 1 of the fields on the alt, wire up the other field from the vr like normal.
been running that way for years.
I did have to clean up the sensing line voltage at some point, as it was overcharging, but it was due to the voltage drop across the bulkhead connector.