Alternator question

No, that is not good. A exciter wire is still hot or you have a leaking diode.
Send a pic of the alternator and wire connects to help determine the model.
OR, look for a tag or label with the alternators model number.
Delco models have a SI in the model number.

BTW, your near StPete?

Not sure about two reds on the output lug. Does one of them NOT look factory?

O K, do you still have the old Alt?
One of the spade wires is still hot. The purple should be ing switch hot, the other would connect directly to the battery for feedback.
Look down between the male spades in the alternator opening, there is a sliver of metal connecting these two male spades together.
Your original alt should not of had this jumper in place.
Hang on and I'll find a proper diagram.

BTW, this is standard Delco, internal regulator two pin (flat spade) hookup.

Your saying the second wire on the out put lug, comes back to a spade connect? Well that's messed up.
If both of the male spades are tied, (you cant see this till you look down into the hole) the alternator is internally feed back and regulated.
Pull that red wire and the alternator should cool off.

Typical two spade regulator. Please looks top rite of page 3. The regulator has the two flat male spades.
At their bottom is a metal tag joining the two male pines.
Don't do it yet, but we may need to cut this jumper. Lets verify it's there.
I'm betting pulling the red wire from the out put to the feedback (your red wire) will fix your issue.

Leave off the spades and come back later. That's some heavy copper and steel in there and will take a while to cool down.
In the mean time, I'll study your notes tonight when I get in (late).

Could you see the connect between the male spade connects?

Squeeze those pics, nothing is better.

O K, I'm just in and it's late.
I see three pin connect.
Leave wires off and it will be cool tomorrow.
I'm pooped and will try to research more tomorrow when I can.
,rc