You will destroy the voltage regulator if you unplug the battery while it is running, then you will have to replace the alternator anyways.
Usually the voltage regulator is the problem. Its located inside the alternator. More testing is needed to make sure that the regulator is the fault. If you want to guess. Replace the alternator. Sounds to me like the power steering and alternator belt has fallen off.
Built into the alternator.
No, it doesn't
I own a 1993 Ford Taurus GL 4 door sedan 3.8 v6 and it has a serpentine belt, that connects pullies for the crankshaft, the air conditioning clutch, the power steering, the alternator, and the water pump! I just replaced my water pump so I know this to be fact. If there is a timing chain it is behind the water pump housing and not visible without removing the water pump housing cover!
It is located within the fuse panel. In order to access it, pull down the fuse panel cover underneath the steering column.
There is no power steering filter
Inside the alternator
Unless things have changed, the diodes are part of the alternator. The voltage regulator is attached to the alternator but the diodes are part of the alternator.
All Ford Taurus power steering systems take MERCON V Transmission Fluid.
Serpentine belt? You may have to remove to tighten alternator
On the Vulcan engines the alternator was same from '98 to '03.