Dave...
If the light you are referring to is on the
panel, it's a "channel failure" light.
On the later Spridgets (had this on my
PO'd '74) the are LF-RR, and RF-LR
brake "channels"....it's a "split" system.
Assuming the brakes still work (and obviously they do to some extent or
you
certainly would have noticed this, Dave!!:), then one of the "channel"
isn't
"doing it's thing"!!
Cap'n. Bob 
     '60 :{)
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