If I remember right on that vintage of motor the alarm driver module is mounted just above where the motor is bolted to the exhaust housing on the starboard side.
you will be able to identify it by the two blue wires, tan/black stripe wire from your over temp sensor, a red power wire, a black ground wire and I am really reaching here, I think a purple wire to the alarm under the dash or in your controller.
its a little box about an inch and half square.
to test it, unhook the two blue wires and the wire from your temp sensor and turn the key on, it should beep once for a self test.
with the wires unhooked if it still beeps non stop the drive module is bad.
if you find that its bad send me your serial number and I will look it up for you.