Yep, sounds like the voltage regulator On top of the alternator housing. You can confirm this If you unplug the regulator and start the truck. the alternator should go to no power output Which will confirm the field is not shorted to ground inside the alternator chassis. This alt feeds 28V to one end of the field inside the alternator chassis(from the 28V output terminal), and the regulator connects the other end of the field to ground in pulses to modulate the field current And control the output.
if the alt continues to put out high voltage with the regulator disconnected, the control end of the field is shorted to ground, probably near where the regulator plugs in. I would also inspect the regulator plug and wiring closely for any damage or shorts.
there are two screw terminals on the regulator. The one closest to the pulley is the enable terminal. It gets 24v applied after the engine starts, this tells the regulator to start generating power
the rear terminal(probably labeled F-) samples where the end of the field connects tothe regulator. Engine off you should see 24V via the field winding from the battery. Engine on, on a normal working reg, you should see an AC voltage there if the reg is pulsing that end of the field to ground to regulate field current And output.
on these alts the 24v works like any other alt. The 12v output is controlled by the regulator pulsing SCRs like in a switching power supply.