I'd disconnect ALL the alternator wires, and the battery hot; just in case.
The drill is NOT a DC motor with bridge; it's a straight universal motor that won't care about waveform. I think the trigger speed controller will object, but non-fatally. I don't think it will do a good job limiting current in locked rotor mode, however.
I was speculating about using a salt water resistor for current limiting as I've seen before: