I have replaced the alternator and the external regulator. As stated earlier with the coil type Voltage regulator the volts is 15.5 at battery (a little high I think). With the new transistor type the volts is 13.95 with lights on and heater fan blowing (seems to be correct voltage).
With the transistor type the gen light is on dim. I ahve checked grounds and everything else I know to do. I am giving in!!!
Seems all is charging properly and the only issue is the GEN light being on dim. I did install a MSD ignition and did have to install the little resistor to get it to cut off. Will it be OK to run the car with the GEN light on, I do have a volt gauge in the car and its reading about 14.00 with the car running. I will be replacing the entire wiring harness this winter but don't want to tackle it right now. Will it be OK for now??

Have you checked your meter to be sure it is accurate? A fully charged battery is about 12.5 volts. The GEN light is turned off by applying voltage from the alternator. Another possibility is the GEN light is finding ground through the MSD. Try wiring the MSD to battery power as a test to see if you still have the same problem.

Sorry, I didn't mention all readings were with the car running (idle speed). The voltage at the battery before cranking car was 12.34 volts. I have checked the meter and its reading correctly. Will it be OK like it is for now?

Will it be OK like it is for now?
I would say the meter is ok. I would be hesitant to say that you are ok. I would just have to know why the light was on. Another question is where did you install the resister, on what wire and where?

I followed MSD's instructions and installed the resistor in the brown wire that feeds the Gen light. It is located about 12" from the voltage regulator. Without the resistor installed the engine will not shut off at the ignition switch as it is supposed to. The strange thing to me is when I installed the old type regulator the voltage is a little to high but the GEN light is not on.
I still have the transistor type voltage regulator installed and the GEN light is on dim and the voltage is 13.95 at the battery.
I have even thought about adjusting the coil type. If I can figure out how to. I think bending the spring taps closer together makes the alt voltage less, and bending them farther apart makes it produce a higher voltage.

The light circuit and the regulating circuit seem to work independently in an electronic regulator. I've heard about the light being on full and yet it still switched on and charged fine.

With the mechanical regulator there is a spring on the big points set. Bend the tab to loosen the spring to lower the regulating voltage. Basically, use the spring tension to set the regulating voltage. Don't bend the contacts around.

Peter