I'd just check the real oil pressure ..
like with a gauge.

once miles are pretty high ..
it's good to have an oil pressure gauge.

many waterboxers will run just fine ..until oil clearances are so large
that oil pressure starts being an issue..
always when hot of course.
At some point it's time to retire or rebuild the engine before it just
blows...like rod through the block.

I think there is a minimum acceptable spec in Bentley ......a specified
min oil pressure at a specified  temp and rpm..
what I commonly find..
on high milage waterboxers, say 175K and more..
OP with 20W50 weight oil runs between 6 and 60 psi ....roughly
depending on rpm and temp and how long it's been running.
scott

On 4/4/2012 7:02 PM, David Beierl wrote:
> At 08:13 PM 4/4/2012, Steven Sittser wrote:
>> The buzzer comes on and the light starts flashing only under the
>> following conditions:
>> (1) It's hot outside, or at least pretty warm, and
>> (2) I've been driving at highway speeds for at least
>>     about 10 minutes, and
>> (3) I decelerate (usually getting off the highway), and the
>>     engine RPM's are below about 2000.
>>
>> If I raise the RPM's above about 2000, the light and buzzer go off,
>> then come on again if the RPM's drop back down again.  This goes on
>> for 5 or 10 minutes, after which it will usually get tired of me
>> ignoring it and the buzzer and light will go off.
>
> Faskinating!  While I'm not intimately familiar with the workings of
> the "L-board," I find it difficult to account for the reversed RPM
> behavior without positing a logic failure on that board.
>
> Begin by unplugging the sender wire from the sender on the after face
> of the engine, just left of the crank pulley.  Then run the engine
> and see what happens.  What *should* happen is that with engine
> stopped, key on, you'll see blinking light but no buzzer.  After you
> start, no light or buzzer until ~2000 rpm.  Above that the light and
> buzzer should come on.
>
> Report your results.
>
> Yours,
> David
>