I have a 56 F100 with a 272. This weekend the oil light came on, and stays on intermittently. According to the dip stick the oil level is full. I am using 10W40 standard Havoline oil. It goes off when there is light throttle and about 1,500-2,500 rpm. Otherwise it is on. I have an oil pressure guage, but it stopped working about a year ago/or that is when my problems started. However, until this weekend I have never had the oil light come on except in steep downhill situations, i.e. a driveway. Obviously I have parked the truck and will be working to fix this problem.

Should I:
1. Change the oil pump?
2. Get a new oil pressue guage/re-connect this one?
3. Start looking for a good rebuilder
4. Consider a SBF?

Any suggestions are appreciated. Thanks.