I don't have an answer for you, but if you suspect it might be a bad earth or other electrical, then why not test it before pulling, paying for, and fitting a new alternator? If it is wiring, then you'll be exactly where you are now except that you've wasted time and money fitting another alt.
There are only 4 wires running of an alternator so make sure the connections and continuity are good. If you've got an external regulator you should probably check this too (though I'm not too sure exactly how - wiser heads will know). From the regulator 2 wires will run to the fuse box, 1 to charge fuse, one to engine fuse, and the other to join the B+ wires going to the AM1 (maybe AM2) fuse on the Battery positive.
Search for a post on 4ac to 4age alternator by Rex Kelway, and have a look at the EWDs, either on mr2oc or as posted up by Parrot
Chris.
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