/6 Idling Problems

The vacuum hoses are all rock hard. My plan is to rebuild the carburator and install new points and condenser, I might just get a new distributor and vacuum can from Kevin, THANKS! I'm going to replace all my vacuum lines as well and re-set the timing. Judging by your comments I think it's the right move. But this morning something else happened. My idiot light for oil went on whenever I let it sit at idle in gear or not. I checked the oil level and it's good. Dirty, but good. Do you guys think by doing all this that it will solve the oil light problem too or should I change out my oil pump too?