Have 59 with 292. Have only run the vehicle at an idle until yesterday.

At an idle, there is no idiot light problem.

Yesterday under load the idiot light came on and didn't go out until the engine stabilized.

I am not really familiar with the 292 but I understand there is an oiling problem. In this case, Do I have an oil pump problem?

Engine runs good otherwise.

 

Define stabilized? Is that like at cruising altitude?

Forget the idiot light, they are aptly named. Get a known good SW or similar gauge and check again.
Common oil pressure problems are due to a sludge pile in the oil pan. Drop it, clean and REPLACE the oil pump/screen.
Then take it from there if necessary.

 

Thanks for the input.

I will drop/clean the screen as recommended.

Additionally, I will change the gage although it reminds me of myself on occasion.

As far as stabilization: Increased RPM to move vehicle (under load) and let off accelerator back to idle. When the vehicle drops back to idle light is on until I tap the accelerator. At load the light is out. Seems to be a transition problem.