If the voltage at the battery is 14.2, its an indication that the alternator has been charging it recently. The normal reading for a fully charged battery would be more or less 12.6, with the engine off and no lights on. Once the engine is running, even at an idle the expected voltage measured at the battery would be over 14, and anything up to 14.9 if its been running for a short while.
If you measure over 14 volts at the battery, and the alternator indicator light i s on, then there is some other problem in the wiring, which could be right at the alternator, or at an underhood fuse box, etc. Sorry that I dont know more, but my escorts are all 2nd gens. One of them has had the alternator light on for a couple of years, but when I plug a voltmeter onto the battery it shows 14.7 or so with the engine running, and 12.9 if I have just turned off the engine. And 12.6 the next day.
If the battery shows a low voltage after just a drive around the block, I would suspect a bad connection in the wiring; like at the battery terminal to battery cable, either the positive or negative cable. I had one of mine decide to not start, due to a fully charged battery, but a bad (dirty) connection between the battery terminal and the battery post. Though lead is a good conductor of electricity, lead oxide is a terrible conductor. About anytime I have a battery terminal off of a battery post, I like to use a penknife blade and lightly scrape the outside of the post, and the inside of the battery terminal, to get any crud removed. Just lightly scraping, not enough to remove much metal.
And dont assume the battery cables are all right; there can be advanced corrosion hiding under the insulation, close to the battery.
And since I dont know how you check the fluid level in the transmission of a first-gen 5-speed, have you checked that fluid level? On my 2nd gen 5-speeds (both of them), checking the fluid can only be done by taking out the Vehicle Speed Sensor that plugs into the trans right next to the differential, and can be a horrible job to do the first time, since the vss tends to corrode into the transmission case. I check mine once a year, and have to take out the battery and the battery box to be able to reach back there.