I've had the same problem, oil light on but gauge looking OK - 45 - 50 psi. I though the end of the engine was close but it turned out to be a faulty oil pressure switch.
If you have the tick over set low I was advised by PMC (they built the 2300 Chevette that won the MN raaly champsionship fitted with Jag 2 x 2 1/4" SU's) that at tickover 5-7 psi was not unusual. Its the main reason why I have stuck to the standard oil pressure switch rather than a competition one set at 20 psi, I don't want it flashing at me every time the engine is on tickover!
Its not very difficult to change, big adjustable spanner if I remember correctly, the harder part is getting a switch that fits the thread.
If anyone knows of something newer and available I'd also like to know.
cheers
Ian