What he is saying is correct. As far as the crank bearings, it isn't a hard fix, but will take time. The cam is another story. It will be labor intense.
I wouldn't do anything until you check what the oil pressure actually is. A slight tick in the AM until it warms up could go on for years without issue. The oil light could be a simple 20 dollar sending unit. Have them check the oil pressure to be sure it is low. Honestly, for it to be low enough for the light to come on, you should hear more than a sligh AM tick.
You can check it yourself. It is easy, and most nationally recognized parts stores will lend you the gauge. It is nothing more than unscrewing the oil sending unit and screwing the mechanical gauge in. The people at the parts store can show you exactly where it is and how to do it. If the weather is good, they'll lend you the tools and you can do it right in their parking lot. It will take about 15 minutes.
Also, I can help if you have questions.
Let me know.
Tuesday, November 23rd, 2010 AT 5:48 AM