Kerry's 330 GT Restoration
A lot of 330 GT Series II owners don't realize that the button on the top of the emergency brake lever is supposed to flash. If yours doesn't, here is how to fix the usual causes.
The red button simply pulls off. This allows access to the bulb so you can check to see if it is bad (easy solution, but not likely). Just be careful with the contacts and sides of the base as they are easily bent. After the bulb is out, you can check if power is coming to the center contact (be careful as it's easy to short out against the side). The ignition must be on and the brake lever pulled. It also takes several seconds for the flasher unit to begin flashing.
If you have power, then the ground wire must be broken. If you don't have power, then it's likely the hot wire (or both) are broken. For both cases, the wire is probably broken near the base of the lever, near where it hinges. The wires can get caught between the lever and end of the slot and then get cut when the brake is released. It's possible that the whole wire got hot and melted back to the flasher and you'll have to replace the wires (this happened in Lowell's car). To access the wires, remove the carpet and the plate and leather boot covering the handle. Then you'll see the lever and where the wires get caught in the slot (see the arrow).
Usually you can just put a couple of wire splices to repair the wire. Then I use an wire tie to hold the wires to the side of the handle near the base. That will prevent it from happening again. If you have to repair both wires, be sure and figure out which is the hot wire and splice it to the one leading to the center terminal of the bulb. Otherwise, it will be easy to short out at the bulb if the base side touches the handle.
The other cases where there won't be power are the usual suspects. Check the fuse, the flasher unit (under the dash to the right of the steering wheel), wire continuity to the emergency brake and the actuator switch (hard to get at under the emergency brake).
Once you are successful, the red button will flash whenever the emergency brake is applied and the ignition is on. Here's a short movie. Not too exciting, probably rated G (although it does make the car a red light district). But after spending an hour or two fiddling around with the wiring, it's nice to see the result.