A RPTR REGRETS NOT HAVING DECLARED AN EMER.

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I WAS BEING VECTORED FOR SEA; INSTEAD OF BFI. I POINTED THIS OUT TO THE CTLR. I BROKE OUT OF THE CLOUDS CANCELED IFR AND CALLED BFI TWR AND WAS CLRED TO LAND. I SLOWED THE AIRPLANE AND CONFIGURED TO LAND; WHEN I NOTICED THE L GREEN LIGHT WAS OUT. I TOLD THE TWR I WAS GOING AROUND. TWR SAID FLY R TFC. TURNING BASE TO FINAL; ATC SHOWS 1 TICK ON RADAR; THAT WE WERE IN THE CLASS B BY 100 FT. THEY SHOWED MY ALT MODE C AT 1200 FT. I DON'T REMEMBER FLYING ABOVE 1100 FT; AND MY INTENT WAS TO REMAIN BTWN 800 FT AND 1100 FT WHILE TROUBLE-SHOOTING. I LATER GOT ALL 3 GREEN AFTER MANIPULATING BULBS; AND DROPPING THE GEAR A SECOND TIME; AND AFTER TAXIING IN; SHUTTING DOWN NOTICED THE L LIGHT WAS OUT AGAIN. I WAS LATER TOLD THAT AN ACR MD-80 FILED A NEAR MISS RPT. RADAR SHOWED ME 300 FT BELOW AND 9/10 OF A MI AWAY. I DON'T REMEMBER SEEING ABOVE 1100 FT. I DON'T KNOW IF THE 100 FT DISCREPANCY IS MODE C ERROR; OR IF POSSIBLY THE ACFT BOBBLED UP AND DOWN WHILE I WAS TROUBLE-SHOOTING; OR WHAT. THIS AIRSPACE IS VERY CROWDED. THE APCH TO SEA FLIES RIGHT OVER BFI SO IN ANY CASE; WITH R TFC I WOULD HAVE TO MANEUVER CLOSE AND BELOW JET TFC. HAD I DECLARED AN EMER RATHER THAN WAITING TO CONFIRM THE CAUSE OF THE PROB; I WOULD HAVE BEEN EXEMPT FROM ANY VIOLATION. HAD I REQUESTED A VISUAL RATHER THAN CANCELING IFR; I ALSO WOULD HAVE BEEN EXEMPT. HAD I HAD SOME RESTRS FOR R TFC OR EVEN L TFC THERE WOULD HAVE BEEN NO PROB. I FEEL GETTING WRONG INSTRUCTIONS IN THE CLOUDS; SHORT APCH AND EQUIP PROBS; AND VERY LIMITED AIRSPACE; LOW CEILING AND CONGESTED AREA ALL COMPLICATED DEALING WITH A SIMPLE POTENTIAL EMER.