Kevin,
1931 flamingo is spot on about grounding the lever unit for the light to work. Even though the bulb socket center contact may test "hot" with a meter, the socket shell itself may not see ground. You either have to cut through the column paint for the clamp strap (blasphemy!) or run a separate ground wire from the clamp strap or one of the body screws. The ground wire can be really small gauge, it is only for a single indicator lamp. Before you do anything, touch a temporary jumper wire from a good frame ground to one of the lever body screws while the unit is blinking and see if that enables the light.