Leds draw a lot less current than a bulb, so that's the deal if it's not charging. If the led is lit, it's in right.
IIRC, at least some of the current that drives the stator flows thru the bulb and the regulator; the output current of the Alternator is proportional to that current; if it draws too much, it lights the light.
I'd probably Solder a bulb across the led leads, out of sight.
A tungsten filament is a variable fuse, kinda.
Cold, it's a low resistance, a few ohms. But once it goes over a certain current, it starts to heat up, and the resistance goes Way up as it starts to glow.
That's why light bulbs blow when you first turn them on, usually; cold, big current, blows like a fuse.
You can buy a new flasher module that won't care about the load vs. flash rate.
It's posted here somewhere in the Exterior forum; I bought one and it plugs straight in and works great.
Red '96 Cougar XR-7 240k mi. '02 4R70W, PST DS : '03 PI engine, 04 maf, 24lb injectors, 2.5" exhaust, '02 4r70w + Jmod, DirtyD0g TC + cooler + 3/8" lines, 255 walbro fp. Alpine system.
Black '96 Cougar XR-7 (Lazarus) 210k mi PI Intake, '02 4R70W, Jmod, PST DS, GrogTune, Konis, Mark LCA+Poly, racecougar Custom Engine Chain, and JL and racecougar Bracing.
Black '97 Tbird Limited Edition, '02 4R70W, 255 walbro, PST DS, PBR Brakes&SS lines, Toicko Blues & Springs, GrogTune.
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