RE: Splash guard
I've been driving my 126 without the splash guard for about 4 years in all sorts of weather. No problems as of yet. As far as the Alternator goes, on a previous Volvo with a similiar set up, I did burn out an Alt from splashing to hard through a puddle. Don't know if I'm just going slower through puddles now or if the Alternators position protects it better.