If you are not going to need a high-powered alternator, and will not need an idiot light, a one-wire alternator has very few significant liabilities. The one-wire JC Whitney alternator that I bought in 1997 is still working flawlessly in a 1954 1/2 pickup truck. It is "excited" at about 800 rpm and once excited it charges at all rpm (from idle upwards).

http://www.jegs.com/p/JEGS/JEGS-1-Wire-GM-Alternators/750748/10002/-1

http://www.classictruckshop.com/one_wire.php

Ignore the misspellings in this diagram. It works fine in our old trucks.
http://www.thecj2apage.com/forums/uploads/53/AmpMeter.jpg

Tim
1954Advance-Design.com
1954 3106 Carryall Suburban
1954 3104 5-window pickup w/Hydra-Matic
The 216 and early 235 engines are not "splash oilers" -- this is a splash oiler.