Occasional Oil Pressure Light for 2-3 seconds in my 318. Should I panic?

If you still have 6 quarts in it, Drain the excess out.
First verify the correct amount of oil is in it. Not by the dipstick but the amount you actually put in.
Your engine takes 4 quarts plus one more for the filter.
As said above, a tee fitting so you can install a mechanical pressure gauge is the best way to go.
Once you can verify the actual oil pressure you can go to the next step if necessary.
Bent pick-up, split in pick up tube, oil pump, etc...