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

This has turned into an oil pump pick up post.
Sorry, not my intention to poke the bears or stir the pot. But it really is valuable for me to collect some solid knowledge and ideas before I dive in to see what's wrong. This thread has certainly provided that. Thanks all for the help, and I'll post an update once I have a chance to dive in.

Now, who wants to debate and do some chest-pounding about whether my stock Swinger can beat a Toyota Tercel in the quarter mile!