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At least for a '73, the red dash light has two functions. It flashes when the ebrake is on, and also comes on when there is loss of pressure in one of the brake circuits (with the ebrake off). As previously mentioned, you can easily check the switch in the side of the MC. To change the switch, just unscrew it from the MC and screw in the new one. There's no fluid in the switch cavity, as the switch has a center pole that is activate by a dog-bone shaped slider. I.e., the pole is usually "out" and is only depressed back into the switch when the slider moves off-center due to unequal pressure in the two brake circuits.
There is a school of thought that loss of one brake circuit will be immediately apparent, and just don't worry getting this function working. Personally, I'm not of that school and I've verified that mine works properly. But just sayin....
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--Richard
1965 356 SC Coupe
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