According to the Flow Chart I have for trouble shooting "Oil Light On" if you have checked the oil level, tappet screen and all is good you need to check the Oil Pump, tighten all fittings, if it still not working right you need to remove the Cam Cover and inspect the oil pump drive gear and keyway. If that is good then you have to remove the oil pump and inspect the gears and housing for debris. If there is debris present remove and replace oil pump, clean and flush the lines. If no debris present replace the key and pump gears as necessary.
PS I can scan all of the trouble shooting flow charts I have, but don't know how to put them on here as a PDF file. If I save it as a Pic it looks okay, but you cannot enlarge it to make it legible. So Whoever needs these trouble shooting flow charts, PM me you e-mail address and I'll send you a PDF Copy. It could save you a few bucks or make you a

Guru
Carlos