Thanks, guys. I just got back.
The connectors ("F"? and "A-S-I") at the alternator were dry and some of the blades had a bit of white stuff on them, couldn't be sure if is was corrosion or dried up dielectric grease.
Base voltage with engine off was 12.5 volts.
Idling, it rose to 14.5
Turning on heater, headlights (brights), radio, flashers, brake lights, everything I could think of, we were able to maintain that voltage at 2000 rpm.
I did one other test - with the "F" screw grounded, a jumper from "A" connector to "A" blade, the "S" and "I" voltages (idling) were
in the proper 2:1 ratio.
Talking to the owner, he said that the problem was occurring after sitting overnight, but then after running an hour or so, there would be no problem with the light coming on or the stereo cutting out.
We cleaned the connectors thoroughly, then put all kinds of silicon dielectric grease on the blades and on the the connectors. Also around the outside of the connectors, to help keep dirt & moisture out.
We'll see how it goes over the next couple of days. The replacement alternator was $130 rebuilt to $150 new, and it was getting late & dark, so lacking evidence that the alternator was really bad, we decided not to rush to the store to buy something expensive that he probably doesn't need.