Re: voltage across battery when charging ?
Have you checked voltage directly at the alt output? Any difference if you have? A voltage drop of .5vdc is normal, anything over that and it's re-wiring time. I have underdrive pulleys in my '86 and had to rewire the alt. output 2 yrs. ago when I had the same problem.....and the battery is in the stock location, not in the trunk. Just my 2¢. GL
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ACRONYMS:
LUK=Let Us Know, GL=Good Luck, LMK=Let Me Know, JIC=Just In Case, BTSTDTRT=Been There Seen That Done That Repaired That and the classic... DILLIGAS=Do I Look Like I Give A S***
1986 Mustang GT w/T-Tops 
NOW: 5.0L Stock SB, X303 Cam, 700 cfm DP Holley, 289 '66 Heads, 1.7 RR, Richmond Gear 4+1 Tranny, Centerforce DF, 2.73 Gears
WIP: 3.90 Gears, LS Overhaul, Adj. LCA's & UCA's (Granatelli), T-Top weather striping and rear braces bodywork 
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