My 1972 CB350 has two light switches: one in the handlebar, the other in the headlight shell. The latter switches between off, parking and beam. In the "beam position", the handlebar switches between low and high.
The purpose of the shell switch is to switch on the second winding in the alternator. There is one winding used only for lights. If the lights are off, the winding is open -therefore not overloading the regulator. If the light is on, the winding is connected to the regulator -but somewhat compensated by the bulb load. The idea is that the regulator is not given the burden of dissipating excess power if the lights are not needed.
Hope this hints give you a clue about what to look for.