BB, reply #12 - '78 750K.
Phil71, I figured replacing the bulb was unnecessary since the voltmeter already showed 12.3V on the wire coming from the bulb. Voltage from bulb=good bulb. To your point, I didn't want us blowing any more time on this in case my understanding was incorrect. I swapped the good oil pressure bulb with the existing neutral light bulb and still, no light. I'm trying to avoid the costly process of simply swapping components until it works. I'd rather use my multimeter to tell me where the problem is.
Based on input from you guys, I'm pretty sure at this point it's either the diode or a loose/bad connection in the harness. So, I'll be able to jump on this Tuesday. I'll first test the diode. If it's good, I'll start unwrapping the harness to see where that light green/red wire is problematic.
Take care!