So I'm coming home from work, work my way into lane 2 (2nd left) on I405 north, 65 mph, suddenly -- OIL light comes on! Crap! It took me nearly a minute to get past lane 4, no way to shut the engine off, I just took the load off... parked in the breakdown lane right in the way of an onramp, coasting with the engine off for the last 1/10th mile.
Since it didn't seize up, I devised some quick tests to see if it was the (used, unknown vintage) pressure sender or really a pump failure.
Oil cap off, the front-most rocker (#1 exh) was full of fresh oil. Hmm. I blew into the hole to empty the rocker (got a face full of oil).
Started the motor, revved once to about 1200, turned it off. Oil had pumped out of the sender loose threads, and the rocker was full again. So I idled it, lo, oil out the squirt hole in #1 exh pushrod. Revving a bit, it squirt a lot out the pushrod.
Since I had at least some oil pressure, I limped to the next exit, luckily a gas station there, took out the switch, the DVM in my tool kit(*) says it's 300-ohms, weird. I rigged up 2" of hose I cut out of the PCV hose, jammed the switch onto the gas station air pump, held the DVM leads on it and inserted two quarters. I was about two hands short to hold all this crap together, but the switch didn't open even once, though the resistance wobbled all over the place.
* I have a nice complete tool kit in the Rambler, I tossed it into the Hornet for now. Glad I did! Will build another kit.
Few weeks back I bought a Summit mechanical oil pressure gauge to install under the hood. I think this particular job will get done this weekend now!