It may be fading memory, but I'm sure I was always taught to spell it 'alright', not 'allright'. 'All right' was a completely different concept, although the former appears to be a contraction of the latter.
When I say/write "all right" I intend it to mean "100% correct".
When I say/write 'alright' I intend it to mean "acceptable"

When spoken, I tend to pronounce the 'l' in all right, but alright comes out as 'or-rite'.

But maybe all of this is just me.