These engines are notorious for having low oil pressure due to the aluminium oil gallery plug coming out of the camshaft . People put a piece of steel in the hole and weld it in and they regain their oil pressure . Judging by the grind marks on your plug and the ones on the cam not lining up , someone has done this and now your plug is likely loose . The Red arrow is pointing to what appears to be a gap where your oil pressure could be escaping from . Probably where the weld tore out and the plug has turned a little .
It takes 7psi to put out an oil light , an engine needs 10psi of INITIAL oil pressure and 10psi for every 1000 revs after that . An engine doing 3000 rpm needs at least 40psi for example . If you have only got 6 0r 7 , it is likely your Mains/Big Ends and cam bearings are swelling with the heat and acting as brake on your cam and crank .
What did the bearings look like when you pulled the pistons to fix the ring gap ?
YES, I HAD READ ABOUT THE PLUG IN TH END OF THE CAM COMING OUT AND IT APPEARS THAT HAS ALREADY BEEN FIXED. IT LOOKS LIKE A STEEL PLUG THAT HAS A SMALL "SPOT" WELD HOLDING IT IN. I CHECK THE PLUG CLOSELY BEFORE AND IT LOOKED TO BE GOOD AND TIGHT. THE PICTURE I TOOK IS NOT THE BEST, BUT I WAS AWARE OF THIS BEING A POTENTIAL PROBLEM AND DID CHECK IT TO MAKE SURE THERE WERE NO SIGNS OF IMPENDING FAILURE.
THINK I WILL RUN DOWN THE FITTINGS NECESSARY TO REPLACE THE IDIOT LIGHT WITH AN ACTUAL GUAGE SO I CAN SEE EXACTLY WHAT IS UP WITH THE OIL PRESSURE. THIS IS SOMETHING I HAD THOUGHT ABOUT DOING IN THE FUTURE ANYWAY AND NOW APPEARS TO BE THE TIME TO DO IT.
The rod bearings looks good, very little indication of any wear and no discoloration to suggest any problems with those. I did not pull crank, so did not get a look at main bearings.
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I have no idea what holding the Glow plugs on is doing to help unless it is just the 20 seconds that it takes you to do it is allowing the crank and bearings to cool , just as they do when you said you can leave it for a few seconds and it will wind over .