Will a newer model Alternator from a 96-2000 454 car/truck be compatible with my 78Z? I want to run a serpentine system and probably need to use all the stock componets right?

Thats a CS130 (or maybe 140 etc) right? If so it will work but you have to do a bit of converting.

www.madelectical.com can tell you everything you need to know. they have a complete write up.

if you have a 454 it can be wired. but you must want your engine to look like the front of the 96 . including a/c, ps, etc. everything, even the waterpump is key.
good luck