Had something like this happen on a '70 Chrysler 383 engine several years ago. I pulled it up on the ramps to change oil, and the idiot light flickered a little, then stayed on. I thought "that's strange...." Changed the oil and filter, started it, and the light stayed on. Wen to to town and got a guage. Connected it, and it showed no pressure! Kept messing and checking, even pulled it off the ramps. No pressure. The pump mounted externally, so I went to NAPA and got a pump. It took about 15 minutes to remove and install a new pump; the oil pressure returned to normal, and I ran that old car for another 5 years or so. I'll agree with some of the previous posters that the sending unit may be faulty, but pumps do occasionally go bad.
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