As Mike mentioned, these alternators contain significant quantities of unicorn hair and diamonds.
Deutz is superb at making reliable, compact engines. The flip side to that is that this isn't a New Holland with an extra six inches of room to hang stuff. Also being air cooled, these Deutz engines have rather high air flow over the alternator as it is the primary air source for cooling the engine, and adding extra hardware is likely to cause some part of the engine to get hot because the cooling air is now being deflected. I've done my share of Bubba fixes, but these engines aren't the easiest engines to bubble gum and duct tape things, though I recall another Power-trac owner putting on an external alternator and hanging out the side of the tractor. Sometimes necessity is the mother of invention.
It is hard to find people to rebuild these alternators, but worth it because they are very high quality- look for Iskra/Letrika brand parts, if you can't find Deutz. The diode pack is about $60 on Amazon at the moment. There is a nice troubleshooting article about a similar design alternator
here, just bear in mind it is for a car, not this tractor. These alternators function very differently from most US alternators and are therefore wired significantly different from the typical US engine. That makes troubleshooting them a bit different. They are wired to get their starting magnetism through a current draw on a defined source, usually the "Charge" light on the dash. This simplifies the design, and improves the reliability in harsh environments, but it does mean that they behave a little differently. That's why I suggested double checking the battery and ground cables- if they float, it can trash these alternators in nothing flat. If you haven't worked on one of these before, you are likely to find yourself in the swamp in short order. Trust me, I've been there.
For details see the above article. If it were me, I'd replace the brushes and bearings at the same time that I replaced the diode pack.
All the best,
Peter