i ran the race crank pulley and an alternator pulley with the smog pump bypassed with the stock alternator and it worked just fine. I even used the air whenever i wanted. I just upgraded because the stock alt. crapped out and rather than get another stocker i got my 130a alternator from a local salvage yard for 34.95 with a 91 day warranty. just call around and ask for a 96 up v6 mustang with the plug that goes with it. then you simply wire up the new one, grind a bit of the bracket and get a threaded bolt, washer and nut and you are good to go. you can find the upgrade instructions on the net. just look for a 130 amp alternator mustang upgrade on google.
until then you might be ok. since i had an 89, i cant say for sure how good older than 87's are.