I high-mounted mine with some home-brew brackets that I saw-cut from aluminum plate and aluminum bar stock. I don't like electrical stuff down in the bilge if I can help it.
If you want pics, let me know and I'll post some in a week or so when I get back in town at my home computer.
Matt
Had this conversation before! Might have been what made Proppy do his the way he did, really. Anyway, MANY cars, I still have one here ('92 Olds Cutlass Supreme International, now RJ's car) with a transverse mounted V6 in it where the alternator is completely under the car on the very bottom, in the back, between the firewall, the exhaust manifold, the steering rack and the engine. It is a GM car made in the 100,000's (same as the Lumina Z-34, and the Pontiac Grand Prix GTP with the 3.4 DOHC engine). IF that thing can sustain the rain, road dirt, snow, sleet, freezing rain, etc.........and it has..........what's the problem with a little water? I'm sure there are countless other cars with the same setup.
Ray