How old is the alt belt? It might be time for a new one.
Generally, if you can turn the alt pulley with your hand (with the
motor off, of course) then the belt is too loose. Or, if you can turn
the fan blade (water pump) without turning the crank, then you might
want to tighten the belt.
Could the noise be your alt bearings or water pump bearings?
If you keep your belts too tight it will wear alt and water pump
bearings faster.
I"ve had several Midgets that on which the red light would come on at
startup and then go off the first time it was revved. This wasn't a
problem for me but then I also seem to run dangerously low oil
pressures at times with no apparent catastrophy. YMMV. When I had
the GM alternator the light would never be on of the motor was
running. The light means the alt is not charging. The car will run
for a while on battery power so if you lose an alt or belt you can
usually get home. If you use the radio, lights, etc. your driving
time on battery alone will be shorter.
Cheers,
Derf
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