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The cheap way out is to try new brushes and possibly a new regulator assembly, per Farm Boy's post. At worst, you're out $50, versus a minimum of twice that for a rebuilt alternator.
On my '92 245, at over 200K I just threw in a $120 rebuilt 100 amp alternator, rather than mess around with the detail stuff.
If you do swap out the alternator, take advantage of the opportunity to put in new mounting bushings. The urethane ones from IPD and fcpgroton are good; the Scan-Tech units form NAPA are acceptable.
The SRS system may need to be reset after a low-voltage incident... check the Bentley manual for guidance on that.
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In God We Trust. Everyone else, keep your hands where I can see them.
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