My valve lifters were noisy as hell when the engine got hot, and the oil pressure light took about 3-4 seconds to shut off upon a cold start. however, after a recent incident, i had to change my upper oil pan gasket. when i took off the oil pan, I noticed that the gasket was cracked and was allowing a tiny bit of air to pass, making the oil pressure go down a little. once that it was all back together, the oil pressure light shuts off within 1/10th of a second and my noisy lifters are quiet now:D Just thought that i'd share this ''find'' with fellow M42'ers that have similar issues.
so basicly, if you have a ''low''oil pressure light stay on for a few seconds and noisy lifters, upper oil pan gasket might be the culprit