I really think you simply have a bit of a weak idle that is causing the oil light to come on...
All it would take is an idle a bit too low, a clogged oil filter, some junk partially clogging the oil pickup screen, etc... Any one of these things can cause low oil pressure at idle...
What I would do is do an oil and filter change and if the light still comes on at idle then add an oil pressure gauge... As long as you have about 10 PSI at idle, 30 PSI at 2000 rpms, and 50 PSI at 4000 rpms you are fine... You can get an oil pump rebuild kit from TA performance if you have to, as well as an adjustable oil pressure regulator... I would explore those ideas before I went for a rebuild.
I have seen Buick 350s with over 300,000 miles running strong with no rebuild.
Sean G
70 Skylark-Twin turbo 350 powered
75 Regal-350
76 Century-350
78 Skyhawk-V6
and 18 spare Buick 350s in the barn.
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