Actually, '86 is a bit old for my personal Honda experience... I'm not sure what shape/color that light would be. It seems like all cars always have at least some kind of bulb-check function when you first turn the key. If it was simply a burned-out bulb it would still start.

Flaky main relays are sorta common among Hondas anyway. The starter would still work just fine, cranking the engine over. The 'main relay' is just a couple relays together in the same case. Typically one gives power to the fuel pump, the other to the EFI system.

I hope someone with an '86 helps out... But the main relay is usually located up above the left kick panel. You might want to listen for it clicking or check it with a multi-meter.