Hi,
You might want to read
V8 Engine Problem
I am going through this one and its a night mare. I have had no choice but fit a new lump in mine. (AGAIN) as I have replaced ever component on the engine and rebuilt the entire thing again and am still getting low oil pressure at tick over.
If you think your switch is okay then as a tip, listen to the engine and when the oil light comes on the top end should start to tap slightly as the followers start to close up.
Hope this helps
Bryan