A sticking valve is not going to cause the oil light to come on (I'm assuming they mean a sticking inlet or exhaust valve???. Lack of oil pressure does that due to
1. no / not enough oil
2. oil knackered due to getting too hot (becomes too thin)
3. Relief valve stuck open as mentioned by Fanatic
4. Knackered bearings somewhere as also mentioned by Fanatic
Taking the Nr 2 plug lead off stops the 'banging' in the inlet manifold - Could be the inlet valve stickling slightly or, as Fanatic says, the valley gasket blown. Either way, it looks like you have some dismantling to do. If you haven't already got one, get a copy of 'Rave' by downloading from the Green Oval site, or buy one of many CDs available on fleabay. These are not advertised as 'Rave' but they are - search for range rover workshop manual. Only 2 or 3 quid each.