With regard to the mechanical voltage regulator, there are 2 internal "fuse" links (visable when the cover is removed), which can fail IF the internal contact points stick or weld themselves together (usually the top/ center contacts). When this occurs, the alternator goes to max charge until the system voltage goes high, to the point that the regulator's internal fuse link opens, resulting in ZERO field voltage and zero alternator charge, or zero or negative alternator gauge (ammeter) movement.
The electronic replacement device has a transistor that switches the field voltage. If this transistor fails, it usually fails open, resulting in zero field voltage. If it fails shorted, the alternator will charge the maximum. The ammeter will show negative (open transistor) or maximum (shorted transistor). Its not likely that the vehicle's fuse link will be affected.
BOB RENTON