I had the exact same problem, except my fuse blew after a while, with no smoke. Mine was fuse 13 on an '81. The wiring harness on the center of the firewall (engine bay side) had exposed wires on it. The insulation had degraded. Follow these wires, they go to various parts of the engine, and check for possible short to grounds. I used plasti-kote, used for dipping pliers and such in to make handles to insulate the wires. Harness was over two hundred and would have to be mailed. Made this repair in March and it is still working. Does you alt. light glow, mine did, but '81 prob. wired differently. Good Luck