Thanks all, belt isn't sitting at bottom of the pulleys, though with all the powder being generated, you'd think it quite possibly so.
Question: when I set this up in 2000 with the now-dead alternator, I retrofitted an LED/resistor in lieu of the basic charge-light, since I don't have a standard speedo with a charge light at all. That LED setup worked fine for 14 years (six of them with my last battery). Is there any reason that would change with this replacement alternator? That is, is there any electrical "need" for the voltage-drop across the typical incandescent charge-light, vs my setup, which has some some forgotten small dropping-resistor to protect the LED, and no "filament?" I've always thought the charge-light is simply a diagnostic/alert item, and in a pinch the small lead can be hot-wired, but perhaps that's not a safe assumption.
I re-tested yesterday in situ, and again, found nothing wrong with basic setup - really no reason to run separate connections to test it. But this time, I ran my ammeter directly to the small terminal to see what kind of current might be flowing there, at about 1500RPM - something less than an amp, as close as I can say. But as soon as my probe made contact, there was a soft, but noticeable hum..as if the diodes had suddenly decided to kick in, even though the normal connection is in place? I swapped over to DC volts and got 14.5V off of the system.
Too soon for cheering. Walking around to the driver's seat, the charge light glowed brightly. I revved it up, and...no change. Went back to the bonnet side, put my leads on, and...back to 12.5V, the basic battery voltage, even at 2500RPM.
I hope I'm not missing something, but as of that, I've concluded it's a dud alternator, even if new.
Another thing on the belt-squeal: it NEVER squeals when I have the alternator plug pulled out, therefore I tend to think the squeal is from electro-mechanical loading, not loose/tight/misaligned pulley. Still, I've readjusted tension, yet again, after taking out extra shims that were first put in to deal with a slight crookedness that seemed to appear after installation and testing. Shimming alone can't deal with it, since once bolted up solid, if you're looking for it, you can detect that the alt axis isn't quite parallel with WP or crank...my only guess there is that the alt case was screwed together such that the pivots are shifted off-axis, though it bothers me that it didn't appear so when I first mounted it...so now I am wondering if the case is actually loose, and has 'wandered' a bit since I installed it.
I'm trying to get the seller to send me a replacement, in any case...how much time can one spend trying to replace an alternator, after all?