Shutting down the alternator isn't a new idea. Drag racers used to do this all the time to eke every last ounce of speed out of the car.
You don't need to switch the heavy lead from the stator output: you can switch the relatively low-current field supply off (open) to disable the alternator.
The gains won't be that much of course. At it's maximum rated output of 90A (V6 model), the electrical energy produced is something around 1242-watts nominally. If we assume a low-ball efficiency of, say, 40%, the engine is feeding it something like 3105-watts or about 4.1HP, but this much power is only drained when it's making full output power. This kind of output is required when the wipers are running fast, the headlights are on high-beam, the rear-defogger is on, the blower motor is running and the A/C clutch is engaged...you get the idea. In most driving (especially racing), the load on the alternator is quite low. So if we say the draw is only 30A for most good-weather driving conditions, the power consumed from the engine is just over one kilowatt, about 1.4HP.
Every little bit helps
