I don't think hooking the black/white (indicator bulb) wire to the green/yellow (power to the turn switch) will do the trick. Hooking up the switch to the bulb will light the indicator bulb when the switch is pressed - but the bulb will not flash with the turn lights. I have been lurking and reading the installation instructions for the SM-1 for some time, and the instrument indicator bulb needs to be driven from the flasher relay. This may be a question for the Kasan tech folks.
However, your description and pics helped explain all the other SM-1 connections for my old airhead. Thanks!