Slant Six Oil light coming on — need a new pump?

Once it warmed up and i kicked the choke off, it was down around 20psi at a low idle. Yippee! I ran it for 15 minutes, drained it, tossed the filter, and replaced with 3.5 qt motor oil, 1 qt Marvel Mystery Oil. The concoction I drained was dark brown, but not overly black. I ran this second concoction through, with about the same PSI numbers.

Terrific. Problem solved and further problems staved off.

perhaps a bad connection at the oil sensor?

The pressure sender completes the wire's path to ground in order to turn on the light on the dashboard. Frayed or pinched insulation anywhere along that wire's length will make the light come on.