A127 Alternator - Indicator Light

The field diodes ?
That certainly sounds like them!

You were right on the money with the brushes and slip rings. After cleaning these up the warning light works and the alternator charges. I need to replace the brushes because they're quite worn, and there's a bit of pitting on one of the slip rings so I'll give that a smooth out.

However it looks like the regulator may be goosed, because the charge voltage is higher than I like, going well over 14.5V at a fast idle when the batteries are fully charged. I think I've convinced myself that poor connection at the slip rings couldn't cause an overcharge. So if that's the case I guess I need a new regulator as well.

I have a new alternator from Ebay, but I've seen reports that these cheap generic alternators might not be the best quality, so I want to fix the original one if only to keep it as a spare.
 
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