Marshall wrote: The question we have now about the alternator is how we can tell which connection should be for the charging light and which should be the load sensing lead? We haven't found any markings anywhere and given the ridiculousness of the other wiring we're hesitant to assume that it was correct.
Go back to your original picture you posted of the alternator wiring. I think the 3 terminals on the alternator were correct
The short green wire that went to the BAT terminal on the back of the alt is your load sensing terminal for the internal regulator. The other one is the dash light lead.
The dash light lead should go to a 12v light, and then from the light to a switched 12v wire (the coil wire is not the ideal place, but it would have worked. Better would be the IGN terminal on the key switch)
so, it sounds like yours didn't have a light in the circuit at all...? Yeah. that's bad- The alternator was probably operating in "max load" mode 100% of the time. (hence the 15-16 volt readings)-
The dash light circuit is actually a comparator that evaluates the voltage on the alternator light, versus the voltage from the load sensing circuit, and it applies whatever voltage is necessary to equalize the voltage potential across the light. When there is 12v on the IGN side of the light, the comparator tries to put 12v on the Alternator side of the light, which makes the light go out). When the alternator isn't turning (or when it goes bad) this comparator acts as a ground shunt, causing the light to come on and stay on.



L-R:
White 65 Hardtop L60-3-00617 (undergoing restoration)
Red 65 hardtop 4L60-002565 (scrapped for parts)
66 Hardtop "El-Bondo Patrol", L60-00511 (Restored, then sold June2020)
Blue 67 Hardtop (sold March1997)
Green 62 Softtop L60-2-00504 (undergoing restoration)