MetallicaJunkie,
Like I said above, it explains on the product page for the regulator what the extra wires are for. Basically they are for 2 battery input and 2 receivers

Cappaj,
 If you are going to charge through the balance plug you could get a different switch and mount and then put the balance plug in the jack. That would let you plug directly into the side of the plane and charge like you want to do.

I like both the Dubro and Great Planes charge jacks.

Dubro Kwik Switch/Charging Jack

Great Planes Switch/Charge Jack Mounting Set

Hope this helps

Ken