I'd say that somewhere in your charging system one of your wires between your alternator and the Voltage Regulator, a wire is grounded - could be a wire has become bare because it was rubbing on something and is hitting bare metal causing that part of the Voltage Regulator to see ground or 0 volts and put the alternator at full charge. I had this happen after I had upgraded my charging system to the solid state voltage regulator and a 2 field alternator. Once I taped up the offending wire and re-routed it, all was good. My wire had rubbed itself on the bracked I made for my coil where the wire went behind the coil and across the back side of the engine to the Voltage Regulator. However, I don't think my fusible link was smoking, so maybe your trouble is somewhere else. Hope this helps.
