wait,
if the belts are squeaky, replacement of them would be high on my list. an alt with a bad regulator would not load the belts and cause a squeak.
the alt adjuster is pretty simple on those cars too. try tightening the belt first, then measure the voltage with the car running.

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John HAUL AWAY, OR CRUSHED CARS!!! HELP ME keep the cars out of the crusher! A/C Thread
"as I ride with my a/c on... I have fond memories of sweaty oily saturdays and spewing R12 into the air. THANKS for all you do!

My drivers:
1987 190D 2.5Turbo
1987 190D 2.5Turbo
1987 190D 2.5-5SPEED!!!

1987 300TD
1987 300TD
1994GMC 2500 6.5Turbo truck... I had to put the ladder somewhere!