The word “alright” — and, specifically, the internal struggle whether or not to recognize it as a word — was an easier decision than I ever gave it credit for. One simple Google search solved the problem for me.
The Oxford English Dictionary notes that, while analogous forms exist in words such as “already,” “altogether,” and “always,” “the contracted form is strongly criticized in the vast majority of usage guides, but without cogent reasons.”
Therefore, lacking any logical contrary arguments, and in the progressive spirit, I hereby formally declare my acceptance and recognition of “alright” as a legitimate word.
However: if you say “all alright,” you are still a stupid-head, because that’s redundant and annoying.