Last year I put a new battery, generator and regulator in my 68'. Last week I put a new Pioneer CD player in it ((50W per channel),The old CD player was a 40W per channel), now the generator light is on constantly, however my battery and headlights and everything else is fine...no battery drainage yet after quite a bit of driving. Do I still need a higher amp generator? I currently now have the delco that is the same amp as it originally had from factory.

Seems you may have lost voltage originating from the regulator brown wire with the engine running, providing the new hookup of the stereo is correct.

You may have also wired in another path on the ignition side of the gen light by mistake of the new wiring. If reg brown wire is providing voltage, then the new wiring may be providing another path on the other side of the light.

Start at the gen light. One side is supplied voltage by the ignition switch, engine off, ign key on - light is bright. Start engine, alternator generates current. At regulator, pink(?) wire supplies voltage for other side of gen light. At the firewall, pink(?) wire changes to brown and goes to instrument cluster connector. With 12 volts supplied from reg on one side, 12 from ignition swtch on the other side, gen light either goes out or glows very dimly, might have to wait for night time to see glow.

I suspect a wire from the new stereo install got tied into ignition wiring. I do not have the color of OE wire from ignition switch to inst cluster connector.

on my car that wire is brown all the way thru, from the reg back.
Only pink wire up there if the the key buzzer.

Doubt the stereo install affected the charging system, unless a "marginal connection" was touched in a bad way. Even then the gen light normally had 12v on both sides, so a bad connection is hard to figure.

THere is a section on troubleshooiting this in the electrical basics sticky.