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

When I first got Vixen, she was exhibiting the same type symptoms. I was certain of what it was though, and I was right. After pulling the engine and removing the pan, it had a good 1/2" or more of sludge on the bottom of the pan. I cleaned it all out and just for giggles, since I had them, I put all new bearings in the bottom end, new oil pump and new timing set. That was the original 170, which I have tucked safely away in a rolling dolly in the shop ready to do battle again if necessary.