The short answer to your question about the reg, is yes, it can be replaced. It is different than the GM regs that I remember that had a 2 terminals and were internal to the case. The Mando's reg is on the back of the unit and also comes with the brushes and spring. You would replace them together. About $90 bucks for the part.
# should be 811883T but you would need to verify by your serial number.
Replacement looks pretty easy, only a couple of mounting screws. You will need a small wire or drill bit to hold back the brushes during install similar to the old GM ones.
BTW, the stock alt is a 65 amp unit.
If you don't have the Merc manual #23, look for one on ebay. They are worth every penny. You can buy a disc even cheaper, or you may even find a download online.
If you want the alt section, pm me your email address and I will send you that section. It has the compete test and rebuild procedures for that alternator.
Or, as George said, you can just buy another one.
Good luck, Bob
Member - WAFNC
1997 22 Classic (sold)
1997 Formula 271 Fastech
502 Mag MPI