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If the dash light is on, and staying on, the brushes and rotor are likely to be fine.Of course, things happen, but I would start with suspecting the diode board.
On the other hand, the rotor winding could have failed shorting to ground, in which case the light would always stay on. The easy quick way to tell if the brushes are worn too short is if the coiled snail spring is resting on the edge of the brush holder and unable to press on the brush. When that happens out on the road it's possible to put the brush in sideways or put some shims (cardboard?) between the spring and brush. That will be enough to probably get you several thousand miles back home. When brushes start getting too short they'll make contact some of the time but others not. The slip rings aren't perfectly true so cause a little bounce in the brushes. I think they'll make better contact at lower RPMs and the light will come on at higher revs. Another thing that happens and could be your case here with the high miles: the brush holder wears and the brushes can jam. With that 'bounce' they can be forced up away from the slip ring and not make contact. I've gotten a lot of bikes that sat for years and put them back into service. An R65 stranded me eight miles from home one day with a dead battery. Everything checked out fine. I've been told the slip rings benefit from the dark color and whatever it is the brushes do to cause that, but I cleaned it off. Everything was fine after that. Evidently the old brushes had coated the slip rings with some sort of non conductive layer.
Not sure why that is, but the rear brush seems to wear faster than the front one. Just looking at the front one can fool you into thinking they're ok. I've seen that a number of times. Well done getting it fixed!