generator light on

Car is running fine but the generator light is on. Should I look at replacing the alternator, regulator, or both? Any help apprieciated.

I would first test the charging voltage with a voltmeter, if you have access to one. The regulator can be adjusted, which is a good place to start. The generator light was on in my 70 Chevelle when i bought it. The voltage at idle to redline was a constant 11.7 volts, so it wasnt charging at all. You should read around 13.4-14.4 volts at idle. I later found the alternator wiring was destroyed inside, and my regulator was fried. If you're not charging and adjusting the regulator doesnt work, I would replace the regulator first. Sometimes you need to adjust the new regulator, it took me 2 weeks to figure this out.....
Theres many tests you can do to test the alternator and the regulator, but i think most parts stores will test you're alternator for free for you, which is also a good place to start. Also clean and tighten all connections to the alternator and regulator, including connections to the horn relay.
If you need more help or pics just let me know...

1st, is the car 100% original and show quality? You get browny points for all original in show type cars. But for me, the daily driver or resto should chuck the generator, points, one bolt filter, and other things that could be updated that usually require less maintainence. There is much debate about this topic, but really depends on the buyer of what mods are acceptable. Its kind of difficult to diagnose the generator problem without testing, but if the problem came down to the generator being bad, the alternator may be the most affordable change. Generator prices are getting ridiculus.GL

You can always take the alternator to a parts shop like Auto Zone and have it tested. Many part shops will test it for free and they will be able to tell you if it is working correctly or if it isnt. THey will do it for free in most places, this will tell you how the alternator is working.