I have one at work that slips over the tie rod and has a housing with "sprag" type pieces that will grip the inner socket. I don't remember the brand name but it works well.
That indicator light is triggered by the alternator, unplug the harness at the alternator and the light should go out, if it does, check the fuses as there should be one for this circuit.
The problem is most likely the potentiometer on that little board. You can use an electrical cleaner to spray inside of it or if you can solder, find a replacement to solder to the board.