[papajam]

If I'm not mistaken, your '69 should have an alternator, not a generator (even though the dash light says 'GENERAT.') If your voltage regulator looks like the one in the pic, you have an alternator. In either case, 16v is WAY too high. Try disconnecting the regulator and recheck the charging voltage. If the voltage does NOT rise when the engine is revved up, the alt is probably OK but the reg needs to be replaced.
The GEN light is grounded thru the green wire that goes to the D+ terminal at either the voltage reg or the alt. The pink wire on the light is switched power thru fuse #6.
Instrument lightbulb info to follow.