Matthew;
	My 86 has two oil pressure sensors. Did you get a flashing LED w/
buzzer? If it was just a flashing light look at the condition of the wire
coming out of the low pressure sensor, possibly melted by exhaust and
grounded out.
Good luck
ken
P.S.
Heres a synopses ..

You have two oil pressure sensing switches.
The low pressure switch (4.4) must open between 2.2 and 6.5 psi.
It is located between cylinder 3 and 4
The other switch (13.1) must close between 10.9 and 14.8 psi.
It is in the vicinity of the oil pump.
The flashing LED is associated with the 4.4 sensor.
The flashing LED and the buzzer occur with RPM>2000 and no switch closure
from the 13.1 sensor.
A loose connector in the engine compartment gave me the LED/Buzzer
symptom .