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With the car turned off and the plastic clip with two wires in it removed from the top of the alternator, should both of those prongs that fit into the plastic clip be hot?
With the key off, only the larger of the two wires should be hot. The smaller one should have power with the key on.
As a STOCK vette the wires are similar color, so I can not state the colors accurately....
BUT, looking from the rear of the car, the MOST clockwise of the two -- oriented wires should be always hot, and as most replacement plugs is wired red.....the LESS clockwise is not only when sw is on/engine running.....in replacement plugs the LESS clockwise wire is white....