The alternator is mounted incredibly low, right down near where your steering box is going to be (unless you go orbital) and assuming you are right hand drive. I would move the alternator up high, or delete it in your buggy if possible, but with a winch, you will need a decent alternator.
On the whole, They are not bad, I submerged mine once and it was fine, that was a crown V8, no issues, and used it off road an awful lot, but I would predict repeated mud and submersion would not be advisable. (As with ANY motor) LOL.... You just have to understand if it is going to be in that environment it will destroy most things, so regular maintenance is critical.