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Even my '71 144 has an alternator with internal regulator by now. Originally had a generator. But there should be a second wire for the "charging" indicator? Unless it has just been connected to ground via a resistor.
As an electronic engineer, I can tell you that there are a few options for protecting the alternator. Please keep in mind this is theoretically sound ideas, but personally I do not know what is used in the racing industry. I'm just saying there are options, and more than these:
1) You can add something called a Zener diode parallel to the alternator output. This will shunt the alternator output to say 16V (depends on Zener diode part number), and also shunt negative spikes to under -1V. A power transistor can be added to carry the load.
2) You can use a secondary contact of the switch to short circuit the alternator.
In older cars, it is only the alternator that you want to protect. Also, you do not want to run for long on alternator only, as the dashboard voltage stabiliser expects 14V maximum. With an electronic dash and modern radio, you definately want to keep it under 16V, as electronic components blow instantaniously at overvoltage as opposed to the older, mechanical components that only slowly heats up and then blows.
Have fun...
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