I have both. Since the alt was a drop in replacement for the original
belt driven alt, it was a snap to install. Doing what you propose
will be a bit harder. High amp alts do not tolerate imperfectly
aligned belts and pulleys well at all. Also, verify with the
manufacturer that your engine's bearings will tolerate the side loads
from the new belt. Generally, alternators over 100 amps need double
belts to tranfer adequate horsepower. The Balmar regulator is a first
class piece of kit. I'm happy with my setup. That said, I don't
think that there is a huge difference between the top vendors. Ample
Power, for instance, is also highly regarded.
You may be interested in some wiring diagrams I put on my website. It
shows the stock alternator wiring as well as the wiring for the Balmar
setup, some cockpit accessories, and solar power panels. Read the
disclaimer on this page. It's important.
http://www.worldwidewiley.com/2boat.shtml
Consider placing properly sized fuses to protect the boat from shorts
in the high amperage cables. I haven't done this yet.