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The voltage regulator in your alternator is oscillating. You can prove it by unplugging the alternator and the flickering will stop. You can replace the voltage regulator or you can have an auto electrical shop do it.
Hi
I have an 85 4+3. Ithad flickering lights as you describe it and the voltage was as yours .
It was the voltage regulator which oscillated. I changed the alternator as it had some miles on it.
The flickering stopped and the idle became a bit better as with flickering the ripple is very high and the ECM get too much of that to cope with it.
Good luck
Could also be your regulator inside the alt getting ready to go bad.
Had the same problem with my 90. I highly recommend keeping it simple. First, check your connection to the back of your alternator. Mine was green with corrosion. If you replace it use a heavy copper terminal with a hole just big enough for the terminal to fit through. You want to maximize the cross area of that connection. You will have to hammer the terminal to crimp it, but it is a lot easier then it sounds. You can use one of the heavy brackets right next to the wire and a hammer to crimp it down nice and tight.
Mine would only do it at a particular RPM, which happened to be cruising at 65 in 6th. I had an alternator shop rebuild it with a new internal regulator and bearings. Problem solved.
BTW, my voltage was never low, it just jumped around about .75 volts at a particular RPM.