The same thing happened to me. I have an ex FHP car. The high output alternators are very old design chevy alternators (yikes). I've had mine rebuilt cheap like you about 4-5 times (every 6 mos). It would either be bearings going out or something inside frying out. Go to a rebuild place and get a rebuilt 3G (or G3? - current technology ford alternator 130 amps). It should cost a little over $100. The wiring changes from external to internal regulator are a piece of cake. It's all done right there in the engine bay. Have one of the techs show you. Bring a small grinder with you so you can grind out the bracket for the new alternator. The bolt holes match right up with no problems. The grinding is very minor and easy. I did mine while they wrote up the reciept (I've never used a grinder before this) I've had mine for over two years now with no problems and I can actually have my AC on full blast without my lights dimming. Good luck.
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