What are the chances of this issue happening because of the alternator going bad?

 

Possible, but, not what I would consider likely.

The way the dash works in your truck, is like a small computer network. The PCM does the bulk of the work, and sends all the information to the central timer module, which then distributes the info as it sees fit. The cluster gets its feed from the CTM. The "no bus" message in the odo is telling you the cluster has lost communication with the CTM. So, either a bad connection somewhere, failed cluster, or failed CTM. I don't think I have ever seen a verified bad CTM......

 

Right, but, when this happens its when the engine bay is warm/hot, and when a computer is over or under supplied with power it will do odd things. I have seen alternators with built it regulators take voltage from 11 to 15 volts (voltage surges) when its failing by using a direct gauge, but hadn't seen it with this particular alternator. I understand that the PCM controls the regulator but it isn't the regulator.

My check gauges light came on with no sign of problems, 3 minutes later the battery gauge fell and there went power to everything and the truck died. Checked the battery and sure enough it was dead (which is only a one year old advenced auto parts gold battery). I then disconnected it and had taken it to a shop and they fully charged it, reinstalled it and drove it home (60 miles) with no issues.
I then replaced the factory original alternator with a 136Amp one and the truck just seems different, hard to explain how but it does.

 

Had a new computer installed at the dealer ( yes I could do it myself, but warranty only covers the computer and not the reflashing if it fails) so, $1100 later and 20K miles all has been great.