It is indeed the headlight bulb, have had to change mine out twice. Blinking hi/lo indicator is meant to alert you that your bulb isn't working. You would never know it till the sun went down if you were running alone. As to why it would take an hour to change out - on a Chief you must take the nacelle off the bike to access the bulb. One of the few things about my Vintage that sucks - DanI can change the headlight bulb in a RM/ Chieftain in about 10 minutes. Why would it take anyone an hour?