Are you sure this is a "Low" coolant indicator?
If so, I'm guessing it's located on the driver's side of the block, just below the #1 and #3 spark plugs. There should be a dark green, single wire connection to a coolant temp switch. This was typically used from '77 through '87. Before unplugging it, trace the wire backwards to make sure it's not touching the exhaust manifold or any other metal. The loom around that wire has most likely deteriorated over the years, and may have caused the wire insulation to deteriorate or melt as well. If it has, this may be your problem with the light. On the other hand, if the wire looks ok, try to unplug it and see if that turns off the light.