Over the years, I have had several old, tired FEs, that would occasionally flicker the oil light at hot idle in gear, and with a mechanical oil pressure gauge, barely register. But they ran for years like that, and when taken apart, other than the expected bearing wear, nothing seemed to have really suffered from low oil pressure. Although I certainly wouldn`t try to add a bunch of added HP to such an engine, nor would I be happy with a fairly fresh engine being this way, but for an old , tired piece, the seem happy enough, and can run a long time like that.