you really dont lose too much hp off of an alternator. i dont see the big deal with keeping it. and yes HEI needs more volts, i think its something around 13 ish i dont remember haha, theres a reason why cars now have serpentine belts instead of v belts, just like most have electric fans now instead of mechanical and so on and so on, and i think some have electric water pumps now too as well. if your looking for a little hp, keep the alternator, go with an electric water pump, run a short serpentine belt from the crank to the alt. and same with the power steering if you keep it, i would if your doing road racing. if you don't id get a manual steering gear box. it will turn a little easyer.
here is my old set up
here is my old set up
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