A bad oil pump would be your worst case, but, My oil pressure gauge drops right down to nothing at idle and goes right back up when I take off. It's like a tachometer. Has been like that for 10 years. Might just be a sensitive sending unit. My old truck had a gauge that would measure 65 lbs pressure with one qt of oil in it! So, the pressure in not necessarily the level. I don't know what to say about the light. Hope this helps.
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