FIXED. It was the regulator. Every thing on alternator works normally but the regulator was reporting false alarm.

 

That is great news, Dude! Congrats for your perseverance with it. By the way, after my project I find it very useful to monitor the voltage in the electrical system with this handy and inexpensive voltmeter that is plugged in the cigarette lighter socket. I bought it on Amazon and it actually shows the voltage with two decimals instead of one as the picture shows. You might consider getting one, too.

 

Thanks dude. Every problem I solve must be logical. Many people told me it's the alternator just buy another aftermarket one and be done with it. I just had to find out which component failed. I knew it was not the alternator b/c it was producing good voltage and neither Kragen nor Autozone could test the alternator to be bad. I suspected the false alarm from the regulator b/c I am suffering from no ill effect of the electrical system. I ran full lights and AC without problem. Finally I put in a beat up broken plug regulator and the light goes off. Well the 2 used alternators I bought from Ebay were bad. So they both are sending me replacements, thus I will put in a better regulator then. One had a bad bearing from just spinning with my hand. The other had a broken regulator as I opened it up and saw a solder point broken.
Thanks for all of the help here.

 

This video shows how to compress the brush with a fishing line, it looks like an efficient way to put the brush back in.