Yes, that's correct, only some of the lights should come on. However, the BATT light should be one of them. The brushes sound like they are ok but the following test will tell.

Remove the small red trigger or exciter wire from the back of the alternator and ground it to the chassis. Turn the key to the run position. The BATT light should come on.

If is does not light then the problem is in that wire which goes to the instrument cluster.

If it does light then the problem is with the brush assembly, the alternator, or the ground wire.

The included diagram shows the current path.
The current goes from the BATT light to the plug on the back of the alternator.
Then through a contact labeled "on brush assembly" to the D+ terminal on the regulator.
Then out of the regulator's DF terminal to one brush, through the rotor coil, and out the other brush to the alternator case (dotted line).
From the alternator case through the ground wire to the chassis.