Yes, you did steal it: good for you!
Considering your bargain I would spend the coin and consult the nearest Cadillac dealer who has a Mechanic with XLR knowledge..... which is hard to find. None the less all the dealers have access to the files on adjusting and repairing issues like your top problems. Likely the adjustments needed to make the top seat into place may also resolve your warning light issue. You have the same wheels as I do, sorry, mine are just fine but the chrome plating today is not the same quality it was years back. We (my hubby & I are both motor heads) have had issues on other chrome wheels in the past. Perhaps if you search the internet forums you will find a solution to stop the peeling. I am thinking if you carefully snap off the chrome that is sticking up then use a clear epoxy glue along the edge of the missing chrome you may be able to stop that peeling: but maybe someone online has some answers. Good luck with your issues and congratulations on your find!
BTW: nice bike collection, personally I own a couple of Road Kings, one in Ontario and another at our winter place in Florida. Loved Arkansas: went to Bikes, Blues n BBQ's last year- first trip to Arkansas! I wanted to come down again this year but could not: some of the best riding I have enjoyed ever in that area: amazing roads & scenery