Yes
http://www.madelectrical.com/electrical-tech.shtml has some great info on the alternator. The only discrepancy i have found is when he talks about the one wire system does not have the capability to have a tattle tell light to notify you that the alternator stop working. I found that ron francis does sell a thing that will make your one wire system tattle tell when there is a problem with the charging system like a broken belt.
You have the right idea have a professional check it out if your not sure. I would still change it out to the alternator but to each is their own.
