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Better question would be would you want to ?
1 wire Alt usually only done for simplicity of wiring on retro fits, race cars , hot rods , etc
You already have all the 3 wire wiring in place.
Ok that is a better question. It seems like I need to replace the wiring or at least the fat wire because the new alternator is 140 amp. So I guess the other question is am I going to have a problem with my amp or voltage gauge if I go to the one wire setup.