308 alternator warning light is dim

This problem started last month. Previously the light came on when I put the key into position III, went out upon starting and a quick blip of the throttle. One cold night in December we drove it to a party. Everything was fine on the way. Starting the car to come home, however, the alternator light came on in position III but it was very dim (perhaps 1/4 normal) and didn't go out regardless of RPM. We made it home OK but it did take some charge off the battery. So... I've since searched here, studied the threads that came up, and tried some of the solutions. No luck thus far.

I used a multimeter to take some measurements: battery disconnected = 12.5+V, battery connected = 12.5+V, voltage at the "H" connector on relay panel = 12+V, battery connected engine running (regardless of RPM) = 11.5V, alternator warning light lead engine running = 11.5V. Now here is where it gets curious - the other lead to the alternator warning light measured 7V. This struck me as odd so I measured the current through the light = 90mA. I was quite surprised to see the light go out when I measured the current! Unfortunately I know just enough to be dangerous so my next idea as to what current to measure next blew the fuse on my multimeter.

I removed and cleaned the braided copper ground wire and contacts. I cleaned the contacts to the alternator warning light. I switched lamp assemblies with the choke warning light with no effect.

To summarize, running my car drains the battery, the alternator warning light stays on (albeit dim) from when I put the key in position III before starting and when the engine is running at any RPM with no change in brightness. Any ideas?

 

Ken,
Where would I place the probes to measure the AC voltage?

Also, my initial post has an error... every reference to key position III should be position II... HA well I tried to be accurate and succinct.

The alternator looks clean though I noticed some drops of oil on the bottom edge of my A/C compressor.