well.. you did finally get down there and look. and you saw stuff that needed maintanance ..
This is what i was saying.. You gotta keep an eye on things.
Your choice was to disable it rather than repair it, and that's ok.
Although a car's engine may not be destroyed when an oil pump fails, at least you'll be stuck somewhere on the side of the road. But if it happens at freeway speeds, warning-light or not, you can bet some bearings took a beating before you pull over and stopped.
And dummy-lights are about as unreliable as.. as.. an oil pump :)
The scary thing about injector systems in no warning of possible engine damage.. Not to be argumentative, but suppose a rusty brake cable snaps during a panic stop? Engine damage would be the least of my worries..
These old machines require TLC. Without it i would suggest premixing.