The rectifier and regulator

My question is do the regulator and the rectifier need to be exposed to air or can I put them in my make shift oil tank?

The more air you can provide those components, especially the rectifier, the longer they should live and function. That being said, I've seen people put them into fake oil canisters to hide them. Your call.

If you search on the subject, you will find what I'm talking about. Good luck!

Attach it to a computer aluminum heat sink and let it hang out the bottom of the oil can, hidden from the top.