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

With kids/job/daily-driving-need I kinda have to get dirty and do do everything I can in one shot. I just ordered a pressure gauge, I will probably check my oil pressure, replace the sender (no problem throwing a $10 part at something) and check that all the wiring is secure when I'm changing the oil. At the same time, I'll also do my best to look inside the pan with my bore scope and get as much of a look as as possible on the positioning and integrity of the pickup. Hopefully this will all either yield a solved problem or an idea of what else needs to be done.
Try to get a look at the bottom of the pan, too to see if there's sludge buildup.