No warranty from PowerGen if you mount a fan on their generator/alternator product. It uses regular ball bearings.
I ran into this same kind of problem with my '39 Standard with the stock engine. The PO had installed a Honda (?) alternator on a homemade bracket with the fan running off of it. Worked fine. I changed out the intake manifold for a 4bbl carb and since the manifold's mounting for the generator was offset, I had to modify the bracket in order to get the fan back in the center of the radiator. In doing this, I unknowingly raised the alternator about 1/16" higher than it had been in the previous set up and when I fired the engine up, there was this REALLY loud screeching noise coming from the alternator/fan area. Turns out that the fan was hitting/scraping the underside of the radiator's upper tank. Had to make a new bracket to lower the alternator and also had to find a shorter fan belt. As you probably know, Ford made the radiator tanks for the cars of this engine/body configuration with a small "dent" in the underside of the upper tank in order to clear the fan. It's out of sight and often overlooked. Anyway, hope this helps.
You are right. The alternator was just a little higher on my offy 4 bl manifold too . I almost didn't notice how close that fan was to the well in the tank.. I had just a little shorter belt and it lowered it enough. that offset is kind of a pain aint it..