I revisited this game with a friend, and the best way we found to play it was to run down stairs before switching the lighthouse on and taking screenshots of all the notes. After doing that, and switching the light on, we seemed to be able to correctly(?) input a bunch of conditions into the switchboard and the light seemed to change from orange to green. Before going back to orange. We did this for a bunch of loops and managed to stay alive that way.
I assume there's no end to the game loop or win condition other than not dying from an incorrect signal and the ship violently crashing into you?