this all may be stemming from a low voltage situation. I have a love hate relationship with this truck
You are correct about low voltage. And all these systems are interconnected through the PCB in some way or another. Low voltage and charging issues can cause a whole lot of symptoms across the board. The ABS system is voltage sensitive and will throw a light if voltage is too high or low. This is most likely a symptom though, not the cause. Does the ABS system self check when you start the truck?
Another possibility is that your PCB is not working all the time. The exciter wire for the alternator in stock form runs through the PCB. If the PCB works intermittently while the truck is running, the alternator will do the same. Would explain your gauges going crazy at random.
If voltage becomes low then the solenoids inside the PCB have trouble holding closed, compounding the problems further. The heater for the air dryer is powered by one of the solenoids in the PCB. All these things run through that box. And all can be symptoms of a failing PCB when they show up together.
I've been down this road when I first got my truck, with multiple symptoms popping up all at once. I manually charged the batteries and replaced the PCB. Everything went back to working properly.
Whether or not your alternator is truly failing, 74M's upgrade is great peace of mind. The factory alternator is flakey at best. You'll have to do some tests to see if it's truly the issue though. A new alternator won't fix a failing PCB.
The fact that your air dryer is purging means that it's mechanically working even if the heater is not. It is just a slave to the system and can't cause an over pressure, even if it fails to purge. The burst of air is only to remove moisture and has nothing to do with cut-out pressures. You could remove it from the system completely and straight pipe all the lines but the system would still work fine, although you would be retaining moisture. The PPV is most likely the cause as Suprman pointed out. If the PPV doesn't open properly then the governor never sees system pressure to cut-out the compressor.