Alternator gauge is smoking

Ammeter "alternator gauge" has nothing to do with the voltage limiter. They are a high current ammeter with the main wiring going directly to them.
All Amp meters have a shunt (a bypass resistor) across the meter to carry the high current around the meter movement. It sounds like the meter shunt is damaged. The shunt may be internal to the meter. Can you try using the old meter to see if the problem clears up?