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

My oil light would come on intermittently...scary when it stayed on! I pulled over and the engine was idling smooth and not overheating so i just drove it home.
I screwed in a new sending unit and the oil light never came on again.
I'd try that first if i was you...10 minute job and a few bucks!