With that in mind I popped down to Maplin & then dusted off the soldering iron!
The original design has the regulator ziptied to the fork leg which imho is a bit daft.
Changes made:
1. Shorten usb output cable so regulator unit & device being charged can be stored together in a weatherproof bag without 3ft of surplus cable
2. Put in a switch to isolate the unit to reduce likelyhood of issues highlighted above
3. Lengthen the lead from the hub to the unit so it can reach a bar bag
It was surprisingly hard to find a suitable switch. I've made one from a small box and a mini toggle switch. It's not ideal but it'll do for now.
The usb end wasn't twin core but co-ax as I discovered when I cut it...

Pleased to say that it does work (for now). So now I can do lights/charging/both/neither. Some nice weather to test it in wouldn't go amiss....