When the engine oil pressure is low, it may indicate that the engine requires rebuilding as a low oil pressure indicator, also known as an idiot light, only becomes active when oil pressure becomes dangerously low, whereas a factory oil pressure gauge gives a relative reading, but it is more informative than an idiot light. A more sure diagnosis of this would include the mechanical use of an oil pressure gauge coupled with an accurate tachometer to evaluate the performance of the engine in regards to the oil pressure of the engine in relation to the manufactures specification. In order to perform this test, take out the oil pressure indicator sending unit, then install a fitting which will be connected to a hand-held mechanical oil pressure gauge so that the threads are directly connected using a Teflon tape or sealant. Install a proper tachometer to the engine next as per the instructions of the manufacturer. Lastly, measure the pressure of the oil when the engine is running at full operating temperature and at the recommended engine speed and compare the measurements; when the pressure is very low it could be an indication that the bearings or the oil pump are worn out.