Anything helps. To figure out if it will keep your battery up, you'll need to figure out how much juice the alternator puts out.
First off, DON'T run the engine with the power output line (fat wire) disconnected, because you'll fry your alternator. With a typical load, put an ammeter in line with the alternator out line (the fat cable) and check how much current it is putting out. Then shut off the engine before putting it all back the way it is was. Start the engine and check what voltage the battery voltage.
To figure watts, multiply the current (in amps) by the voltage. The product is watts.
Watts=volts*amps
You need something capable of providing more watts than your car consumes. If the car takes 51 watts, the 50 watt TEG will not recharge your battery. If your car only takes something like 25 watts (which I doubt) then 50W would be enough, but it would charge the battery slowly.
Just a guess, but I imagine that old cars where the minimum electrical load is the spark coil use the least power to stay running. Newer cars have computers and sensors and servos and a bunch more electrical loads, even at the minimum power consumption.
I would say to go with at least 200% what you think your max load will be.
On a side note, it would NOT block exhaust heat. That is because TEGs (at least seebeck/peltier TEGs) work by heat
passing through them. Unfortunately, they don't just absorb heat and pump out electricity.
You can read about the thermoelectric effect here:
http://science.howstuffworks.com/the...icity-info.htm