Not trying to be a jerk, but my first suggestion is to get a copy of the 301A Technical Manual (JD #TM1088). I have the manuals for my JD equipment, and they have the wiring diagrams and a number of diagnostic tests with what you should get for readings from them; I expect the same type of info is in the 301A TM.
Does it have a Motorola alternator as original? Are the plug-in connectors still on the harness and regulator?
When you had your test light hooked in series with the battery and negative cable, did you unhook the wires from the alternator's output (battery) terminal and see if the light went out? That would be an indication of a bad diode(s).
Did you check the voltage across the battery with the engine running about 1500 to see if it is charging and at what voltage?
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Today's Featured Article - A Tractor's Point of View - by John Manley. I began my life on August 3,1941. I was actually built at different times and days but I was officially an M Farmall on August 3.I was real nice and shiny. That�s me, in the old picture, third from the left. I was loaded on that train and sent to a little town in South Carolina. I didn�t get to see much of that town. I was moved off the train fast and on to the dealer�s
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