It's the voltage regulator that's bad. This can allow excessive voltage to accessories and cause the the problems that you describe. Mine cost $25 here in Houston at John's Mustang (a genuine Ford unit). Will probably cost you more, but this is what's needed. Hope this helps.
Rev
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'66 Coupe, 306, windage
tray, TRW flat tops, 351W
heads,pocket ported, 268
CC hydraulic cam, R tip
R's, Edelbrock Performer,
600 CFM Holley vac. secs.,
Mallory Unilite, coil, fuel
pump, Tri-Y headers, 2 1/2 "
custom pipes, 3 chamber
Flows, stock C-4, 3.25
Currie built 8" rear,
March under drive pulleys,
13.97 e.t., 100.1 mph
1/4 mi.
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