Update:
Standard pricing does not include nickels or dimes which is what I have, so there is no scenario where I could have a partial credit registered and need the "deposit more coins" light. To get the 5-10-25 pricing to work would require a different ratchet and *maybe* that bulb would illuminate when you only put in a nickel, though looking at the board layout with the diode placement and the wiring I don't see how this bulb could possibly receive any current. The "deposit more coins" light is not mentioned in the manual and I don't see its circuit anywhere in the schematics.
Bottom line is that apparently this light should never be lit on my machine.