Did you replace that 3 prong connector along with the new alt?
they are usually supplied with rebuilts, as ford had a problem with that connector shorting and causing fires [img]/ubbthreads/images/graemlins/shocked.gif[/img]

I had actually witnessed my bosses dads 5.0 T-bird burn to the ground a few years back, due to that piss poor wiring harness design [img]/ubbthreads/images/graemlins/bs.gif[/img]

i think the engineer who designed it went on to design the cruise control switch in the 2000+ trucks [img]/ubbthreads/images/graemlins/chair.gif[/img]