Idiots...

wjajr said
John,

Where you have had a problem with a leaking fuel pump, and hopefully replaced it by now, the old pump may have been the cause of the oil light flickering at low rpm. Most likely gas has diluted the oil in the sump, which will do two things: one it will not allow proper oil pressure to develop; and gas thinned oil take out the engine bearings rather quickly.

I hope you have changed the oil and filter. Also under the oil filter there is a pressure relief valve that regulates the engine oil pressure. It is one of the items that require occasional inspection and cleaning, perhaps every 24,000 miles or so, I dont recall exactly. Where you are experiencing a flickering oil pressure light, one other cause is a pressure relief valve stuck open.

While you are on oil detail, it would be a good time to pop off the valve cover to see how clean the top end is, or how much sludge has built up. Also check the valve lash adjustment while the valve cover is off. Stock valve lash: intake 0.010, and exhaust 0.012 Correct valve lash will help idle quality.

Look here for valve lash adjustment procedure:
http://www.slantsix.org/forum/viewtopic.php?p=72139&highlight=#72139

wjajr, thanks for the input, the fuel pump has been replaced, and I've checked the oil, it does not smell "gassy". I will get the car up on my set of jack stands and check out the oil pressure relief valve. I do have plans to take the valve cover of and check the lash. Thanks for the specs.

My theory is the carb idle setting was so low the RPM was insufficient to keep the oil pressure up, but enough fuel was, barely getting in with the bogus rebuild (just enough to keep from dying). With the new fuel pump in the carb was flooded and it died. No amount of turning idle speed screws did anything.