Sorry for the late reply guys.. I think I have finally sorted out the issue. Since the battery light came on at the same time as the ETC light, I had two options... Get a new accelerator pedal or look at the charging circuit for issues since the headlights and interior lights had an intermittent flicker when revving the engine - the flicker wasn't that noticeable and at times did not flicker at all, but every now and then it did for about 10 seconds or so and is much more noticeable at night, my wife on the other had while she was in the passenger seat did not see any flicker (or she didn't know what to look for).
So I removed the alternator, sent it in to a place that rebuilds alternators and they took the whole thing apart, stripped it to its bare bones. They replaced bearings, regulator as well as the brush box, the rectifier and slip rings were still fine. I fitted the alternator back into the jeep, and so after about 3 days and probably around 200km so far no more ETC and battery lights. Only time will tell if the lightning bolt of head ache and swear words comes back again, but at least so far so good
Having the alternator rebuilt cost R1700 (+/- $95). And getting a new accelerator pedal plus shipping from the USA would've been around R5100 (+/- $290) excluding customs fees.
But with all of this in mind you can purchase the regulator at a parts store and by the looks of things remove the old regulator and fit the new one without even removing the alternator from the vehicle, which would've been even cheaper than having a auto electrical shop rebuilding the entire thing.
My thinking is this... If the alternator charging circuit voltage drops too low (in my case it was around 8v for a few moments) the battery light comes on, then it might cause certain sensors etc to have a spike in resistance or amps or whatever happens in a circuit when volts drops to low (please correct me if I am wrong, I am sure there are a lot of electrical savvy guys on this forum). And this voltage drop might trigger a spike or incorrect (volt/amp/ohm) readings on the ETC circuit and the moment the computer sees this and thinks that it is a fault with the pedal circuitry (of whatever circuit is monitored here) and illuminates the ETC light. Then a few moments when the voltage returns to normal and the battery light goes off again the ETC light will stay on because the only way to "reset" it is to cycle the ignition key. So turning the jeep off and starting up again will clear the ETC light for a while only until the voltage drops again and the entire cycle repeats itself.
I will however report back and update this post if the issue returns or if in a few months everything is still good. Then you could perhaps add this solution to the list of things to check/fix/replace if ever the ETC light comes on.