The older GM altenators (not the "one wire" ones) can test "good" on a tester even if one or two of the 3 diodes in the diode trio are bad,it'll still charge,but at reduced output,and sometimes it'll drain the battery dead,if you let it sit a day or more ,the diodes are supposed to prevent the current from grounding out the battery when the engine is off...battery cables that are old and all gangrene inside can restrict the flow of current back to the battery too,and cause low or erratic charging readings,as can bad grounds...so can partially burnt fusible links...or any of the thick red wires at the starter to the fuse block and altenator.......................................................................................................................I've seen more than one Chevy with the big red wire to the altenator get all crispy where they go over the valve cover and get all corroded,and if you have the two wires on the plug at the altenator,the white or tan one is what tells the altenator how much to put out,if its not getting a full 12V signal,it wont put out much of a charge...