Thanks for the info so far. My red light only has ever glowed when I turn the key on. After starting it has always gone out Its been that way since I have had the car. I tend to think the voltage regulator is the culprit.
Cobra Make, Engine: ERA Street Roadster #782 with 459 cu in FE KC engine, toploader, 3.31
Posts: 4,533
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More than likely that's correct. For the price of a solid state voltage regulator it's worth trying. As long as you ground the case to the frame you don't even have to install it in place to test it out.