No, the light switches off because 12v (14,4v) is feeding the bulb from the regulator side B/BK wire as soon as your Alternator is charging. Hence the charge light is fed with equal voltage on both sides and that is why it is not illuminating when your Alternator and regulator works (charging)
the B/BK wire will change from minus to plus. (engine off and engine run)
Note, if the bulb is blown the alternator can not energize the field to commence charging UNLESS it has a backup source for 12v, hence the bypass 15 Ohms resistor.
If you are not familiar with auto electric troubleshooting I suggest you talk to a local auto eletric guy. Honestly even many modern car mechanics struggle to fully understand the eletrics and especially on a Pantera where there is nowhere to connect the "diagnose computer"
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