Doug
Your engine may be lunched. There are several posible problems.
Most are major. Befor you can know anything however you need it
invest $5.00 in an OIL PRESSURE GUAGE! Reving your engine with
no oil pressure to get the light to go out is a sure way to turn
a minor rebuild into a major project. Odds are you need new main,
rod, and perhaps cam bearings and while your at it new rings and grind
the valves. If you run it much with oil pressure falling at the
rate you discribe, you will damage the crankshaft and other expensive
parts. The way you discribe your problem it doesn't sound like a
bad oil pressure light sender is the problem, but you might get
lucky. Replacing the light with a guage will tell the tale and
when you do have a nice new engine it will give you important
information to keep it that way.
I hope youhave good luck and the damage is minimal.
dickn
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