Mike,
Yes, alternators convert AC to a pulsating DC current by using a Bridge Rectifyer circuit which is basicly a linking of diodes (usually in a single component) that creates a One-way gate for positive and negative voltage to flow only in one direction. Alternators also contain an electronic voltage regulator and power transistors often mounted in heat sinks in the back frame of the alternator. The voltage regulator and Rectifier Diodes are the most common thing to fail when battery terminals are shorted.
Of course the bearings are suseptable to wear, but in your case, we know that is not the problem.
It is not hard to disassemble an alternator and install new brushes, diodes, or voltage regulator circuits... I have done it dozens of times over the past 40+ years, but I do not know how difficult it might be for you...Not to ridicule you, but afterall, you did connect your battery cables backwards to create this problem so I would be reluctant to suggest that you tear into your alternator..Unless you have a good repair manual with pictures and a volt/ohm meter which is required to identify the exact component that has failed.
That's why I recommend that you either buy a rebuilt unit or find a starter/generator/alternator repair shop that will fix your alternator.
...Rich
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