Electrical Help Needed - Big Time

Either your voltage regulator doesn't (regulate voltage), or it isn't able to due to a field signal wire being shorted to ground. This could be either within the harness or internal to the alternator. In either case, a grounded field will cause the alternator to produce maximum output all the time.

As stated above, remove ONE of the field wires from the alternator and test the system. If no change, reconnect that wire and disconnect the other. If no change, you have a short that is common to both, likely within the alternator. A new regulator is cheap, so you might want to start there.

Also, note that you DID NOT fry the fusible link. The connections overheated due to resistance within them. Once you solve your problem you should inspect and clean both this connection as well as the bulkhead connector.