Don't just tell me I'm wrong, please explain.
The problem with not speaking directly to a schematic is that the communication will be constantly subject to errors of assumption and misinterpretation.
If the TransZorb was at the breaker, rather than at the field, a number of faults might be caught. But not all of them. And this design might only work once. Breakers take long enough to trip, even with a large overload, that the TransZorb may reach it's thermal limit and die. They are designed to catch very short glitches, and they don't have the ability to shed watts for long.
If the regulator fails in a way that shorts measured output to the field, the scheme above will be useless. The alternator will then be essentially self powered.
A more foolproof method of OV protection would have a circuit monitoring the output voltage that can directly block the field current, i.e. is downstream from the regulator. Of course, these circuits are properly designed to work with the regulator, as it can simplify the design, and makes sure one does not destroy the other. This circuit can also be tailored to ignore high speed glitches, and thus reduce nuisance trips.
Which is why I assumed that's where you wanted to put the TransZorb.