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Two weeks ago drove my '69 to Spokane (300 miles) with about 2000 miles on total engine rebuild. Car had been operating fine. On the way over noticed ammeter fluctuating wildly from top "0" to 40 on the plus side. Stopped for gas....battery fine. Got to destination and the next morning the battery totally dead. Jumped it and started. The battery is old. Being a Sunday nothing open but O'Riellys in the small town I was in. Had the alternator checked and the guy says it is "working fine." Bought new battery, Drove the 300 miles back home with no problems but ammeter still going wild. Parked in garage for two or three days, went to start it and the new battery totally dead. Jumped it and started. Drove about three miles to a buddies house and the temp gauge was pegged at 250* Let it cool and filled radiator which was low on coolant. Checked oil....fine, no water. Also no oil evident in coolant. Drove it today and it briefly pegged at 250* again then went back down. Ammeter still fluctuating wildly.
Have you checked your fan belts for oil, grease, or too loose?
My first instinct is the belt too. Depending on what accessories you are running, a loose or slipping belt would affect both your alternator and water pump.
My first guess is that it's two separate problems.
My guess is the thermostat is sticking. Mine does this, but it only goes up to a little over 210 and settles back in around 180 after about 3 miles of gentle driving.
The fluctuating ammeter could be a bad regulator. You might also try cleaning all your ground wires and coating in dielectric grease.
I had a similar situation with my ammeter fluctuating wildly. It turned out to be loose connections on the Horn Relay, located on the fender near the brake master cylinder, which is also the main distribution for 12volts. Check those connections are screwed down tight!
Joe