[swedishandgerman]

Originally Posted by Bigbunt

Thanks Derek, figured it's a good place to start. While it's out I'll clean up the commutator and go over shaky wires if there are any and maybe do Rons "turn it into a motor" test since the belt will be off. The regulator looks pristine inside but in aware that doesn't mean too much. I took the generator out when I fixed my oil pressure sender issue but I was too anxious to run the engine to inspect brushes. 20/20 hindsight!
Will post what happens. Thanks!

It is possible to take the top off the regulator. That way, you can see if the "click-clack" switch is properly going from its off position to the on. If it's sticking, your red light will be on. As above, it should click over as soon as the engine is running.

Although it's not exactly the same, I'm sure a VW air cooled reg should work which is much cheaper!