FSM says 14-16V during startup is normal, 13-15V during driving is normal, at idle it may be just outside the range (on the low side ~ 12.5) but will pick right back up to 13+ while driving....
I'd check the connector wire plug on the back of the alternator, if it's got a bad connection or the harness was damaged you have a problem, and the red light on is because the L-terminal is the ground for the warning lamp, i.e. it's failed open because it's not getting a good ground, see here:
http://www.autoshop101.com/trainmodules/alternator/alt104.html
Here's a procedure to troubleshoot it:
http://www.alternatorparts.com/cs130_sbpage3.htm
You need to get a multimeter on the plug and check for proper grounding, or try to ground the warning lamp connector while it's detached from the alternator. One of 3 things could be causing this, either you damaged the grounding strap usually connects to the upper retaining bolt on the pulley side near battery, or the connector plug on the back with the L-terminal (3 prong plug) is bad, or the connection in the alternator is bad, if it's the first, then you need to get that strap repaired ASAP, otherwise it's more of a nuisance, but it means your indicator for a failing/failed alternator no longer works.
The other thing to consider and realize is that for many of these cars there are 2 different 140AMP alternators, one with a 57mm pulley and one with a 62mm pulley, if you put the wrong one on the car you can end up with different results regarding output voltage...