On a 176 B there should be 3 wires connected to the alternator. The little wire is for the charge light in the dash. The two big wires connect to the same lug on the starter. At the alternator they're connected to two separate lugs. My best guess is that it is so you can take advantage of both sides of the wave form that an alternator makes. Alternators create AC voltage (and current) that then goes through a rectifier to change it to DC voltage and current.
On my car I've connected both big wires to the same connector on the alternator with no 'ill effects'. However, I DO notice that there is a cyclic dip in voltage. Particularly at night, when I can see the light from my headlamps cyclicly (is that even a word?) dim (or would flicker be a better description? hmmm) for less than half a second.
Of course, my assumption here is that the alternator is using a full wave rectifier, and the two heavy wires going from the alternator to the starter serves a dual purpose:
a) Twin take offs from the full wave rectifier/voltage regulator to take full advantage of the complete power production of the alternator.
AND
b) The two heavy gage wires add to the total power carrying capabilities of the electrical system. Particularly in the high current sections of the electrical system; those being the sections between the alternator, starter, and battery.
Also (this is a bit of an after thought), the blade connectors on the alternator can only accept a finite wire gage that is much smaller than the gage of wire that connects the battery to starter (the battery to starter wire is the heaviest gage (possibly 4gage or 2gage) wire in a 76 MGB from what I've seen). So the two connectors allow you to connect two heavy gage wires to the alternator to make up for the limitations of the blade connectors.