Dave,
Vintage 1970s rotors are magnetically soft and degenerate over time; they see the full internal temperature and lots of vibration. When I did the 3-phase conversion a few years ago, all of the suppliers strongly recommended a new rotor; it was about 90 bucks, as I recall.
The OEM assimilators varied in design over the Commando series, and I found interpreting the warning light to be ambiguous. Modern after-market devices, like AO, simply compare the peak output voltage of the alternator, or in some cases the battery voltage, to a voltage reference, say 12.5 volts. When the alternator output is used, the warning light acts as a simple voltmeter and gives an unambiguous binary reading of the alternator; illumination means peak alternator voltage is less than 12.5 volts. Some devices use two voltage references, and a very few use several to give a readout of, say, five voltage ranges. Keeping it simple, I use a simple aftermarket device with the original warning lamp while riding, and a voltmeter in the shop. There is no need to give up the warning lamp when converting to 3-phase charging.