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You have 2 choices here. Either the sending unit is bad and is tripping at a higher pressure at hot idle or your pressure really is bad. Get an oil pressure gauge (any fluid gauge works but get one with readable graduations on the low end - 0 to 100 psi gauge). HOT idle oil pressure is what you want to read. Your sending unit is set to trip around 5 psi. Ideally you want to see 20 to 30 psi. This would be a healthy engine. At 3000 rpm's it should be around 45 depending on the pressure relif evalve but bear in mind even a worn engine will produce this. If the hot idle pressure is way low don't assume it is the oil pump (common mistake). They are a positive displacement gear pump and other than a stuck relief valve would REALLY have to be worn to kill the pressure. Most likely cause is worn main or rod bearings. If it doesn't have a rapping knock on fast acceleration you can probably keep driving without issue but I do recommend avoiding a lot of hard acceleration. The cure? Depends on your pocket book. Best solution is to rebuild it. Bar none. This also covers the possibility that you have worn cam bearings. Second solution is to have bearings put in it in frame. This will work ok but make damn sure your mechanic is damn sure the crank is smooth , if not - back to the rebuild. 3rd solution which keeps the light out and buys you time is run heavier oil with some LUCAS oil treatment. Use a 20W-50 but only during warmer months. Back to the happier possibility - if the pressure is acceptable (even 15 psi hot idle is fine as long as it immediately comes up on acceleration) just replace the sending unit. Hope this helps
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