Unless you truely have low oil pressure (measured with a gauge), any flicker
of the LED could be caused by an intermittant short of the sense wire to a
grounded metal part (like the protective tin).  That is what was happening
to my 84GL.  Could never find any bad spot on the wire.  Finally just sleved
the wire around the tin with a piece of rubber vacuum line and I have never
had the problem return.  I thought it was all different kind of things that
was causing leakage paths but the only thing that stopped it once and for
all was to sleve the wire.  Naturally, the first thing I did was have the
oil pressure measured so I could rule out internal engine parts.

William