This is the third time in a month that I am having the Oil Light beep at me. It seems that it only comes on at idle, once the car is hot. I can turn the car off, and then start it right up and it works fine.

I can't seem to figure it out. I have replaced the censor, the oil pump, and pickup tube. When the pan was dropped there was no sludge. Supprisingly it was really clean. I expected the worse cause its got 119K on it. Before the oil pump was replaced we were getting borderline numbers for pressure. Anyone have any other suggestions? Is it really all that bad to just drive it with the light on?

Actually Yes.