I first posted about this problem before the holidays, but I haven't had a chance to get back to it until now. Here goes...

I started getting an intermittent flashing alternator light. It seemed to only occur when the car was warmed up, and then only at high RPM or over sharp impacts. The voltmeter didn't register any changes during these events. Two days later, the light came on nearly full brightness and stayed on, and the voltmeter dropped to battery voltage level. I checked the fuses and wiring (I've replaced the entire branch of the harness that runs under the crank already), but nothing seemed amiss. I pretty much let the car sit until now.

Suspecting worn brushes or a shot voltage regulator, I got a nice new adjustable voltage regulator. Popped it in this evening and... wait for it... the alt. light is still on, nothing but battery voltage on the voltmeter. I rechecked the fuses, rechecked the wiring, but everything checks out. Does this sound like internal alternator damage (diodes, stator or rotor coil)? Is it worthwhile for me to take this puppy apart (I am an EE), or will it need a professional rebuild?

Thanks. And P.S. - working on your car when it's 25deg F really sucks.
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Speed Racer, '83 240 R, '74 164 E, '93 940 OL1 (Manchester, CT)