The isolation diode is the big red one on the outside of the alternator case. This may be the only one that is damaged. You can change it with the alternator in place. Inspect it by checking continuity in both directions. Current should flow in one direction only. If it is found to be good, and the output is still not over 14 volts, then clean the armature where the brushes rub, Check the brushes for length and free movement, and if that fails then pull the smaller diodes on the inside and check them for current flow in one direction. At this point, go ahead and replace the bearings with new sealed bearings from a local bearing house. They are very inexpensive. Some parts houses may still have the diodes. Your AMC friend, Gary Walker Owner of some old AMC cars and stuff