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i have an 89 f250 with a 351w, and it hesitates constantly and when i put it in gear and put my foot on the gas the volts drop wayyy down and sometimes (most of the time) stalls. but if it warms up it will slightly hesitate. when i turn on the fan or turn my blinker on or anything really the voltmeter will drop a little. could i have a bad alternator or alternator regulator? or just a crappy battery? and would this also cause it to hesitate or stall?
I would check all your battery connections really good. Don't forget all your grounds to the body, frame, and engine. It might not be getting a good power or ground and this could cause your voltage meter problem. Does it drain and not charge back up over time? That will tell you if your alternator is working. As for it getting better when it warms up, i'm lost on that one. Maybe someone else can chime in and give you a hand with that.
I would pull your codes. You can go to Ford Fuel Injection and find out how there. Post them back here and we can see what else we can do for you. Also I would suggest a good tune-up. Plugs, cap, rotor, air filter, breather, pcv, fuel filter, and your plug wires if they are old. That will give you a good idea if it's just a general use part and eliminate the obvious. If you get a chance check your fuel pressure also. The hesitation should be an easy one to track down.
As for the alternator and battery gauge, I would say that if it's charging and you don't have to jump it with another car or a battery charger it's probably fine. Mine has quite a swing when I turn certain things on and off in my truck. Good luck and let us know!
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