I replaced the generator (it quit on me) on my 57 GMC with a 1 wire alternator. Worked OK for many years. This truck had A/C and a radio. It came from the factory with an idiot light, so I replaced it with an ammeter from a 55 GMC.
When I bought my current ride, a 52 GMC, it had been converted to 12 volts using a 1 wire alternator and a set of aftermarket gauges that included a volt meter instead of an ammeter. I noticed that the voltmeter read lower than I thought it should. Even at cruising speed, the meter would only read about 13 volts, less with the lights on and A/C running. I verified with a digital voltmeter that the battery was only seeing about 12.8 volts with the A/C fan on high. Not enough.
1 wire alternators are easy to install, but have a basic flaw. The internal regulator can only measure voltage at the output of the alternator. It cannot sense voltage back in the system. I took my alternator apart and replaced the internal 1 wire regulator with a 3 wire regulator. I connected the sense wire for the alternator back to my fuse block "hot" side. Then the regulator could "see" what was going on under my dash and adjust the output of the alternator to provide proper voltage. Now my truck cruises at 13.8 volts, lights on, A/C on full and the tunes up loud.
Forum member Bilbo had a 3 wire alternator, but had connected the sense input directly to the output of the alternator, effectively converting his 3 wire alternator to a one wire. His truck, also A/C equipped, suffered from lower than desired voltage under heavy electrical load. We moved the sense wire source back under the dash and his system voltage jumped back to where it should be.